Reporting quarterly figures yesterday the world’s biggest retailer, Walmart of the US, said profits and online sales fell over the holiday period. It also forecast that this year’s profit will be at the lower end of expectations, Reuters reports. It is struggling with online giant Amazon and higher staff wages. Shares closed down 9.4 per cent at $94.11 – the biggest single-day drop since January 1988.
Founded in 2010, UK challenger bank Metro this morning reported its first annual profit, £10.8 million, and founder and chairman Vernon Hill said, ‘our record lending, deposit taking and customer account growth proves that the Metro Bank model is the future f banking’.
DAX 30
Momentum is totally unconvincing as we push into the apex of triangle consolidation.
SHORT TERM TRADER: Small short at 12535; stop well above 12600. Target 11700.
POSITION TAKER: Short at 12650; stop above 12875. First target 12050, then probably more.
FTSE 100
Starting to dip below the bottom end of the wedge formation but clinging to horizontal support at 7200.
SHORT TERM TRADER: Small short at 7180; stop well above 7300. Target 7000.
POSITION TAKER: Short at 7250; stop well above 7350. Target the 6675 area.
S&P 500
Retreating a little from the Fibonacci 61 per cent retracement level and in so doing dipping below immediate trend line support.
SHORT TERM TRADER: Short at 2725; stop above 2825. Target 2555.
POSITION TAKER: Short with a stop above 2750. Target 2455 – and maybe a lot more.
BRITISH POUND/US DOLLAR
A little doji yesterday settling on Fibonacci 38 per cent retracement support has edged momentum into bullish territory - just. Watch for more interim base-building today.
SHORT TERM TRADER: Small long at 1.3885; stop below 1.3900. Target 1.4200.
POSITION TAKER: Long at 1.3930; stop below 1.3900. First target 1.4275, then 1.4650.
EURO/US DOLLAR
Consolidating rather drearily at some of the higher levels in years.
SHORT TERM TRADER: Looking to re-buy.
POSITION TAKER: Square.
GOLD
Picking up the pace as it retreats from long term trend line resistance; pity the commodity channel index did not give a sell signal.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.
