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Good afternoon all.
Svend, I agree with what you said about charts yesterday, assisting in trading, and would value your opinion on current RR charts, daily and weekly.
As I mentioned I am not a chartist and on 9th April under Correction & US markets stated the following;
"If I refer to my postings of 2nd & 4th I did express a view of a correction and more volatility. On technical terms, as I mentioned "my limited knowledge has pointed to correction with RSI above 80 and MACD which I follow, showing fast moving line crossing the signal line". This combined by higher bond yields and oil price "with more volatility in prices and RR no acception. Short-term we could test 406-408p level".
"I had expected a correction to start on Friday after US employment data and closed short-term polsition earlier at 420p, not great after seeing it going as high as 431p. My aim for short-term trading was to stay out of the market till after US CPI, but got pulled it at 408p [small] after it had hit buy retracement points at 406-408p. If CPI good will increase short-term position and hope for good Q1 US company reports. If bad CPI increase below 400p and wait till AGM if need be".
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Now, looking at the weekly chart, we had a consolidation/correction period which ran for 8 weeks between mid/Dec to early Feb 288p - 312p. At that time we had a crossover in MACD, similar to one I mentioned in early Apr. Since then we have also had roughly an 8 weeks consolidation/correction period 392p - 431p.
In Feb we had the exceptional final year results to set us off to current levels. Now we have the AGM, grant you not of similar significance. However, with very good UK CPI on Wed. (rate cut in June) followed by have decent AGM, should set us again on an upward trend towards 460p ready hopefully for a very promising half year update in Aug.
Svend I don't know about much about your 4th wave theory, but can you look at the MACD please and opine.
Momdeplume Hi Happy Sunday
RR > Not Looking So Fly Right Now
Let's take a peek at Rolls-Royce's stock charts. Buckle up, because things aren't looking too smooth.
Daily Chart:
Price: Think downhill drag race. It's a steep drop.
Moving Averages: These lines are all pointing south, reinforcing the downtrend. Not a good sign.
MACD: This fancy indicator is flashing red flags (well, not flashing, but you get the idea). The key lines suggest it's a good time to sell, not buy.
Weekly Chart:
Price: Same story here, price is on a downward trajectory.
Moving Averages: Still pointing south, just like on the daily chart. Double bummer.
MACD: Weekly MACD is also not happy. It's another sign that things might keep going downhill for Rolls-Royce in the short term. (Long-term looking favourable trending upwards since November 2022 and above the 200 SMA)
The Bottom Line:
The daily and weekly charts, with the help of the MACD indicator, are painting a pretty bearish picture for Rolls-Royce. The stock is trending down, and the technicals suggest that this trend might continue.
Always remember: This is only based on the charts, not a magic crystal ball. Before jumping to any conclusions, consider other things like company news and the overall market mood.
Svend what does your yearly chart say ? I’m not a believer in charts so just interested 👍
A17 > Yearly charts can be interesting, but you're right, they're not the be-all and end-all for making investment decisions! In Rolls-Royce's case, the yearly view might not be the most helpful for short-term calls. Here's why:
Yearly charts zoom out a lot. Imagine a blurry picture – that's kind of what you get. They show the general trend (up or down), but miss the nitty-gritty details that matter for short-term trading, especially when things are moving fast like with Rolls-Royce.
Long-term focus, not short-term wins. Yearly charts are more like binoculars for spotting trends over the years, not a magnifying glass for finding the perfect moment to buy or sell.
So, what about Rolls-Royce specifically? Even without diving into the yearly chart, we know the stock has been on a downtrend lately.
But hey, good on you for not blindly following charts! There's a lot more to consider when investing, like company news and the overall market mood.
Hi Svend, I am not a chartist, in fact a total novice. I use charts to support or change my view. I am market fundamentalist.
I have a cash long term position which I still strongly believe in as RR is fundamentally an excellent company with a lot of potential.
I then have a short-term CFD positions which I trade in and out of using my basic charting knowledge. That told me to sell around 420p [did go to 431p] and look for a minor correction to 408p and just below 400p [went to 390p]. around those levels I bought in again... average 402p.
I use the AJ Bell charts and that is where it showed me the an amazing similarity between the Dec/Feb and current Apr/May periods. Unfortunately I don't know how to provide a link or a copy it, if I am allowed to. I see you use Elliot wave theory which I strunggle to understand. I hope your warning doesn't come to fruition, which would mean a very disappointing AGM supported with a poor UK CPI number. Then it would mean a greater correction and volatility till half year reports in Aug.
Heres to hoping Tufan has a some good news for RR to continue this uptrend.
Nomdeplome > For the sake of clarity I am in no way using Elliot wave theory in my '4's reference this is just my reference to the current price, I view the AGM as a given/non-event unless fresh market news or updates are articulated by Tufan and would rather point to the Aug results for a more meaningful directional viewpoint with regards to the share price projections. Having said that if MR SP500 decides to have a rally over the summer Roll Royce is bound to get a real feel of this afterburn and favourable winds effect as well GLA
There will be loads of sausage rolls and sandwiches leftover if there is no good news at the AGM, 12 months since the last AGM and no good news ?????????????