right11 Mar 2011 00:57
indices tanked, correction is definitely in place. Bank sector is down, and a nice rally is coming. Will stan hold above 1600? RBS above 38? And lloy above 60p? We are about to see, today ftse dropped 1.55% while lloy only 1.35%. I doubt ftse would go lower than 5650 think around that there was a good support. So if ftse drops 3.5-4% at the most i think then even if lloy follows it should stop to around 58p but lets say with stop losses triggered it could go down to 54-55p and well maybe on a spike could go to 52, i really dont see anything lower than 52 for lloy happening at that time around. Unless lots of banks fail the stress tests that are coming and Portugal gets bailed out. Or credit rating of UK to go down. If those things dont happen 50's will be forgotten.
TNI - keep tanking but lots of buys today, we could test 50p and bounce i dont see it falling below 50p then in less than 4 months period we would hit 80-90p (needs further evaluation once the fall stops and rally start)
WIN - could not be mor undecisive - stopped right at the end of the triangle!! When i looked i could not believe it.
It SHOULD fall as its a descending triangle but by the volume coming and looking at some indicator wont be surprised if it heads north, although my initial call is 117-120 could be even lower as uwinsome said below 110.
Prty - volume sold is almost DOUBLE the volume bought, this still has a way down the road, glad i got out on the top. Next stop 175, then further evaluation but i think below 170 would happen again, and well i will be ready and fully loaded again :) Might take a bite at 175 though for a small spike up but it could be a nice steady free fall ...
VED - got auto buys for 2151 and 2099 and hopefully the support will hold :)
Honestly my top pick is lloy, my average is below 62, will top up on every support coming down the line and NO stop losses here, its a winner from every point of view in short-medium term, with offloading taking place at 69-70p then rebuying on breaking through the resistance, followed by next offload 78-80p and final sell at 88-90. I do strongly believe that lloy will hit 88-90 this year in fact it will be sooner rather than later, the channel gets even higher if later so 100p as has been recommended by santander i believe is highly possible, and come on easy money on a strong ftse company!!