THIS column tipped WTI Crude as a sell last Tuesday in the $77-$78 range and this proved profitable as crude slid from a high of $77.93 to a low of $74.12 by Thursday. The outlook is still bearish and the 100-day simple moving average around $76 is a good level at which to start shorting again. Spread Co offers WTI Crude at $75.14–$75.20.
Since announcing its latest results on 26 August, William Hill’s shares have climbed some 12 per cent to 187p. But this might be a level at which to book some profits or even short. 187p was where the May/June rally petered out and this level has been a strong line of resistance in the past. Keep the stops tight though just in case. Spread Co offers a spread on William Hill of 186.56p–187.84p.
Last week’s earnings news from Desire Petroleum might have been less than stellar but positive tidings from its latest drill tests near the Falklands were clearly what the market wanted to hear. The share price gained around 25 per cent last week. The current IG Index price on Desire is 125.4p–127.3p.
Following the earthquake in Christchurch, the value of the New Zealand dollar plummeted. The effect on sterling in the second quarter of this year is uncertain, but the rebuilding next year is sure to cause a bounce in production and renewed interest in the kiwi dollar. Cantor Index offers daily rolling sterling-New Zealand dollar at $2.14917-$2.14977.