Royal Bank of Scotland

RBS low was 1232 on 23rd September 2002 on the same day as the FTSE low was 3739. The FTSE closed today at 3622, so I would say anything was possible. Personally I reckon it will stay over 1300 although I am known to have no ability on RBS. As the Yanks seem to have turned up a bit tonight, at last, I would hope a visit below 1300 would be avoided unless for some obscure reason we go down again tomorrow. There, that reply is as confusing as the markets are just now !! (I would eat my hat if it is not back over 1400 in a week or two). Do I now qualify as an analyst, with the ability to spout nonsense and cover all angles !

I think the market sentiment should be positive tomorrow morning
after 9 consecutive down days (FTSE) and as the Dow has finished positive.

Therefore, I do not think that RBS will go below £1300 especially if it opens above 1320 tomorrow as it has formed a double bottom at 1315 today.

My target for tomorrow is £1365.

Good luck!
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I am pleased to see the views expressed about RBOS,I am long on this one and agree with support at £1300. Sep/Oct the low was about £1195 and the support is at the £1300 level.also the fibbs retracement from the high of £1700 is below the 0.618 level.So im hoping for a an up move soon.
I would welcome any other views to keep this thread going
anyone longing anything in the FTSE100 when we are in a bear market and institutions are panic selling .. is just plain chancing their luck.

(I could be a lot more rude but I will be polite).

If you think the economic outlook and the charts say buy then turn your views upside down..
I have to agree with you Madasafish. Life assurance companies are very close to critical capital adequacy levels and when they need to dump shares to meet regulatory requirements, it will be the liquid large caps that are hit first. No point unloading the small caps - not sufficiently liquid to make a difference.

I agree that RBS is a fine business, but when there is panic selling, support levels have little effect, so holding *ANY* shares overnight at the moment is just betting on the toss of a coin imho, particularly with the current geopolitical uncertainty, planned news announcements etc.

You may be lucky J Shepherd - I hope so anyway, because you'll need it.
I would have to agree with RogerM, it is absolutely crazy to hold anything (up or down) overnight at the moment. Always remember - "today's cheap is tomorrow's expensive" !!
Have any of you tried HBOS instead of RBS ? I find it much easier to deal with - RBS always feels more like a lottery and Level2 seems to mean little these days, whereas support can clearly be seen to build with HBOS, and generally it is much more readable, hence profitable, for me.
buy shares when cheap.. when FTSE yield is > LIBOR + risk premium.. i.e. around 6% FTSE at 2200?
Well, at this rate we'll be there by end of Feb! The H&S top on the ftse gives a target of 2838 based on a semilog scale, or 1520 based on arithmetic scale. With a close at 3460, the ftse 100 is now below 50% of the all-time-high (ATH). Gann followers will now be calling for the 25% level, or 1732.5. If we get it, there will be plenty of bank and life assurance company failures on the way!
If we get it, there will be plenty of bank and life assurance company failures on the way!

As I'm heavily into these (bought more today) it will also mean I lose my shirt. It won't happen unless Capitalism itself is going to fail.

I see the present as a great buying opportunity

well if we fall to 3,000 and stay there most FTSE100 comapnies will be - on paper- insolvent because of their pesnion fund deficits.

Sell RR. BAE,, mind u they should be sold anyway - on funnymentals they are on their way to insolvency
I've always preferred to let someone else pick the absolute bottom(s)- It's just too painful for me- very similar to catching falling knives, once in while you get one just by the handle but mostly by the blade- ouch :)

Hi Bob,

I agree, I have no intention of picking the bottom. My timescale for these plays is two years.

I understand what you're saying- I just hope that's a long enough timeframe. . . . . . . . . ? the process is not only one of price but also of time.
Thanks for your response fellas, I know i dropped a clanger with RBOS but can stand the small loss and am sure Im not the only one with some losses in the current climate. Any way this has certainly attracted some very interesting responses on the UK markets.I thought most people were trading the USA and I was out of date. Am pleased to talk to other UK traders.