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    • Will Credit Suisse Take Down The Market? | Engineering the Trade   06:06 Credit Suisse Impact on Markets  
    • Gold, oil and silver looking to build on gains Commodity prices have been helped by a weaker dollar, while oil is waiting to see if OPEC will cut production as expected. Source: Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 05 October 2022  Gold returns to 50-day moving average The price has seen a dramatic rally that has carried it back to the 50-day simple moving average (SMA) - currently $1724 - after it hit a two-and-a-half-year low last week. For the moment this leaves the downtrend firmly intact, and we wait to see whether the price can push on above the mid-September high at $1734. Above this the 100-day SMA at $1762 comes into view, and then on to the August peak near $1800. A reversal below $1750 would likely signal a lower high has been created, and open the way to a fresh turn lower. Source: ProRealTime WTI rallies ahead of OPEC decision A rebound in oil prices has been driven partly by a weakening of the dollar, but also by the expectation of a major cut in production by OPEC at today’s meeting. The price has pushed up from its ten-month low, but is still firmly below the 50-day SMA (currently $87.68). Additional upside targets $89.80, and then to $96.90 and the high from the end of August. It would require a move above the latter to suggest that the downtrend from the June high has run its course. A fresh turn lower puts last week’s lows of $76.50 into view once again as an initial target. Silver clears August high After the bounce from $1800 over the past week the price has managed to clamber above the August high around $20.80. This marks a positive development and potentially opens the way to the highs of June around $22.37, with the 200-day SMA (currently $21.92) as an initial target. A reversal back below $20 would point towards renewed downside and potentially means a move back towards $18. Source: ProRealTime
    • FTSE 100, DAX 40 and S&P 500 on track for further gains Outlook on FTSE 100, DAX 40 and S&P 500 amid hope of slowing tightening path after sharp drop in US job openings. Source: Bloomberg   Indices Shares S&P 500 FTSE 100 United States S&P Global Ratings  Axel Rudolph | Market Analyst, London | Publication date: Wednesday 05 October 2022  FTSE 100 two-day rally has further to go The FTSE 100 has rallied by over 4% from its September low in the wake of stronger US and Asian equity markets on the back of hopes of a slowing tightening path by the US Federal Reserve (Fed) after softer US economic data. The break through its September-to-October downtrend line has put the early September low at 7,131 on the map which, together with the 8 September low at 7,174, is likely to act as short-term resistance. After a swift and large two-day rally as the one which has been seen so far, it is usual for equity indices to take a breather, at least in the short-term. In case of the FTSE 100 the June and July lows at 7,006 to 6,966 may thus be revisited but are expected to offer solid support. Source: ProRealTime DAX 40 stalls after 6% two-day rally The DAX 40’s swift ascent on hopes of a slowdown in the speed and size of global rate hikes following the Reserve Bank of Australia’s (RBA) unexpected 25 basis point rate rise, half of what traders expected, on Tuesday is likely to pause in the short-term. Following the contract’s technical bear trap – in which it dipped below its key March to July support at 12,386 to 12,432, only to then rally by over 6% so far this week and close above this area – a slowdown in recent bullish momentum is likely to be witnessed on Wednesday. Any potential retracement back towards the 12,432 to 12,386 support area may represent a buying opportunity for short-term investors as the index likely has further to run. Upside targets are the 23 June low at 12,839, followed by the mid-June low and 20 September high at 12,940 to 12,944. The next higher 26 July low, 2 September high and 55-day simple moving average (SMA) at 13,021 to 13,066 may also be reached in the days to come. Source: ProRealTime S&P 500 makes fresh gains A sharp drop in job openings in the United States on Tuesday was interpreted by market participants as pointing towards weakness in the employment market of the kind that the Fed had suggested would cause them to rethink their plan for further sharp rate increases. The S&P 500 thus built on its previous day’s sharp rally and managed to rise and close above its 28 September high at 3,737. This is technically significant since it confirms that at the very least a minor bottom has now been formed with its upside target coming in at the early September low and 20 September high at 3,884 to 3,918. In case of a minor retracement lower taking shape this week, the July low and 6 September high at 3,737 to 3,720 should offer good support. Source: ProRealTime
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