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 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
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.
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!