Barclays downgrades British Land ahead of results

Capital & Counties Properties , Convatec Group , Direct Line Insurance Group, Dunedin Enterprise Investment Trust, Equiniti Group , Gresham …

The bank also cut its price target on British Land by 14% to 500p. In the same note, it trimmed its price target for Landsec by 4% to 755p while retaining its ‘underweight’ rating on the stock.

Barclays said that while it was taking a slightly less negative view on the London office market given the observed underlying resilience, it expects further, and accelerated, weakness in the retail portfolios to put further pressure on both earnings and NAV estimates.

“We now expect flat earnings growth for British Land and Landsec going forward as positive contributions from the development pipeline are offset with a more bearish outlook on rental growth for retail,” it said.

“Moreover, we expect write-downs in the retail portfolio to accelerate and near term NAV estimates to come down as a result (BLND -7%, LAND -4%).”

This effect is more pronounced for British Land, Barclays said, given its higher exposure to the challenged retail warehouse segment, which accounts for around 25% of the company’s total portfolio.

Landsec’s retail portfolio is more exposed to higher quality Central London retail and hotels, it said.

At 1350, British Land shares were down 3.2% at 565.60p and Landsec was down 1.7% at 897.60p.

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As Bitcoin Continues Its Climb, Top Altcoins Also Tease Breakout

Bitcoin violated the resistance zone of $6,055–$6,100 with a UTC close at $6,156 on Thursday and reached a six-month high of $6,336 on Bitstamp at …

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  • Bitcoin’s price hit fresh six-month high earlier today, further strengthening the case for a rally to $6,500 (100-week moving average).
  • BTC may witness a pullback to levels near $6,100 before rising toward that level, though, according to the hourly chart.
  • A bull flag breakout on the total market capitalization chart for all other cryptos, if confirmed, could be considered a sign the much-anticipated altcoin rally has begun.
  • Among those, litecoin could shine bright as both fundamentals and technicals have aligned in favor of the bulls.

Bitcoin’s (BTC) ascent continues with prices hitting new multi-month highs earlier today, and other top cryptocurrencies may soon join the party.

Bitcoin violated the resistance zone of $6,055–$6,100 with a UTC close at $6,156 on Thursday and reached a six-month high of $6,336 on Bitstamp at 07:40 UTC today.

Prices have now hit multi-month highs on three consecutive days – a sign of strong bullish sentiment. With every move higher, both the short- and long-term bull cases presented by several technical indicators over the last few weeks have gained strength.

BTC, therefore, appears on track to test the 100-week price average, currently at $6,506 – a level that last came into play last November.

As of writing, the cryptocurrency is changing hands at $6,260 on Bitstamp, representing a 3.45 percent gain on a 24-hour basis.

Daily and weekly charts

BTC continues to establish bullish higher highs and higher lows on the daily chart (above left) with key moving averages trending north.

The relative strength index (RSI) is reporting overbought conditions with above-70 reading. That signal, however, would gain credence if and when the momentum starts weakening. As of writing, the bulls are showing no signs of exhaustion.

Further, the weekly RSI (above right) is currently printing the strongest bullish signal in over 15 months.

Hourly chart

On the hourly chart, the RSI has breached the ascending trendline to the downside and is rolling over from overbought levels. Hence, we may see a minor pullback to the ascending trendline support, currently at $6,140, before rising toward $6,500.

Altcoins tease breakout

While bitcoin has doubled in value over the last six weeks, altcoins have underperformed big time, as indicated by the massive depreciation of their BTC-denominated exchange rates.

  • The top 10 altcoins by market capitalization (excluding stablecoin tether/USDT) are reporting double-digit losses on a 30-day basis.
  • Stellar (XLM), down 40 percent, is the biggest loser, followed by cardano (ADA) and tron (TRX).
  • With a 14 percent drop, Binance coin (BNB) is the best performing major altcoin.

The numbers indicate a lack of interest in altcoins despite BTC’s confirmation of the long-term bullish reversal on April 2.

The battered altcoins, however, could soon find some love, as their combined market capitalization seems to have charted a bullish technical pattern.

Total altcoin market capitalization

The bull flag seen in the above chart is a continuation pattern that often ends up accelerating the preceding rally.

A convincing break above the upper edge of the flag, currently at $73.65 billion, would confirm a flag breakout and signal a continuation of the rise from lows near $45 billion seen in February.

A flag breakout, if confirmed, could be considered a sign the much-anticipated altcoin rally has begun. As of writing, the total altcoin market cap is seen at $72 billion.

Among the major altcoins, litecoin (LTC) could shine bright, as its mining reward halving is due in less than 90 days.

The process aimed at curbing inflation by reducing mining rewards by half every four years tends to put a strong bid under the cryptocurrency for months in advance, according to historical data.

Litecoin daily chart

Litecoin’s channel breakout indicates the path of least resistance is to the higher side. Prices, therefore, could rise above $100 ahead of the reward halving event.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin and litecoin image via Shutterstock; charts by Trading View

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Could Nvidia Stock Really Reach That $227 Target Price? Absolutely

Though the Philadelphia Semiconductor Index (SOX) spent the better part of April pushing further into record-high territory, Nvidia (NASDAQ:NVDA) …

The disparity is a glaring one. Though the Philadelphia Semiconductor Index (SOX) spent the better part of April pushing further into record-high territory, Nvidia (NASDAQ:NVDA) didn’t. Indeed, NVDA stock, though up firmly since the late-December low, is still miles away from revisiting its October high near $292. Its current price? About $170.

Could Nvidia Stock Really Reach That $227 Target Price? AbsolutelyCould Nvidia Stock Really Reach That $227 Target Price? Absolutely

Source: via Nvidia

In other words, as the Q4 meltdown was a particularly painful one for shareholders, more than cutting NVDA stock in half, the majority of that loss remains intact.

Nvidia isn’t entirely alone in its laggard ways, to be clear. GPU rival Advanced Micro Devices (NASDAQ:AMD) also hasn’t yet bumped into last year’s peak, and while Intel (NASDAQ:INTC) was able to do so, a tough Q1 report up-ended INTC stock late last month in a pretty big way.

Still, no major tech name has performed as poorly as Nvidia stock, leading to one overarching question: Is NVDA suddenly the weak link the market is making it out to be, or do investors just not get it?

Jefferies seems to suspect it’s the latter, raising its price target to $227 from $185 last month … the highest target among all professional stock handicappers.

Mob Mentality

The target raise was put in place with no fanfare, and no accompanying commentary. Rather, on April 23, Jefferies just quietly upped its price on Nvidia stock to $227, topping peer analysts.

Investors who’ve closely followed analyst opinions on NVDA aren’t likely surprised. Looking beyond the noise of a wave of downgrades during the fourth quarter of last year, Jefferies is more often than not more bullish on Nvidia than rival researchers. Though none quite rivaled Evercore ISI’s $400 target from early October — right before the meltdown began — Jefferies’ target of $320 around that time was still at the upper end of the scale.

To be sure, the implosion of the cryptocurrency rattled analysts as much as it did investors. Between mid-November and early February, Nvidia stock was downgraded six times.

Even the pros that didn’t waver in their calls still dialed back their price targets. The consensus target of $297 as of September now stands just under $187.

That roster of pros includes Jefferies, by the way, which lowered its target to $246, and then lowered it again to $185 in January. That was also when Jefferies retracted its “franchise pick” label for NVDA stock. Something is clearly changing in the way Jefferies sees Nvidia though, even if the firm hasn’t made clear what it is. The recently upped target, even to a modest $227, confirms it.

How the Game Is Played

It’s admittedly not much to get excited about. Even if NVDA stock makes it to the uppermost target, that’s still won’t recoup the bulk of the Q4 decline.

But, that’s not how the game is played.

It’s rare for a stock to actually meet a consensus target. Rarer still is for a stock to remain at a target price. Analysts, as a community, tend to consistently extend a consensus target and lead a trend … up or down.

Jefferies did this very thing when Nvidia shares were falling late last year, lowering its target to $246 and then $185, following the stock’s demise even though the company’s backstory wasn’t changing that dramatically. Regardless of all the hype it managed to create, cryptocurrency mining was never actually a major game-changer for the company’s bottom line. It was just a fun topic to talk about.

Analysts, whether they could admit it or not, were forced to adjust their opinions and targets to mirror the market’s sentiment.

Now they’re doing it again, but in the opposite direction. With a light at the end of the tunnel starting to shine, a couple of new research houses initiated coverage of NVDA stock with bullish opinions. Others have raised their price target, too. UBS now says the shares are worth $210, up from $180, citing the advent of graphic visualizations being powered by data centers and the potential for its automobile tech.

Still, the rhetoric that could prod Nvidia shares well above their current consensus target remains scant. Jefferies, which is arguably positioned to garner the most attention, hasn’t supplied any fodder to support its target price.

It’s not been afraid to speak up in the past though, offering a glimpse of the discussion it might fuel if-and-when the research outfit sees fit. Like UBS now, Jefferies has cheered Nvidia’s data center opportunities. Analyst Mark Lipacis said as recently as December that Nvidia is still “a top play on secular themes” like artificial intelligence, gaming and self-driving vehicles.

So, What’s Nvidia Stock Worth?

Priced at 26.5 times trailing earnings and 24.6x next year’s projected earnings, Nvidia stock isn’t due any value awards. But, it doesn’t have demonstrate screaming value to get to $227. It only has to hint at growth to draw a bullish crowd again.

That appears to be in the cards, too; not this year, but next. Analysts foresee a 5% dip in revenue for the fiscal year now underway, pushing per-share profits down from last year’s $6.64 to $5.30. Next year’s a different story. Revenue is expected to improve by nearly 20%, driving per-share earnings up from $5.30 to $7.14, a 35% increase.

Yes, that kind of earnings growth can push Nvidia shares up to $227, though odds are good analysts will up that target before NVDA stock is able to get there.

In addition to that, though, the more Nvidia stock makes forward progress, the more vocal Jefferies and other research houses are apt to become, talking up their calls when it looks as they’ll be the right ones. Even analysts are competing with one another to appear to be the “most right.” That chatter alone could propel Nvidia to $227 with very little effort, particularly if results and guidance jibe with the rhetoric.

Welcome to the game.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about James at his site, jamesbrumley.com, or follow him on Twitter, at @jbrumley.

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Bitcoin (BTC) Price Defies Gravity With Upsurge, Bulls Aiming $6.5K

Bitcoin price rallied more than 4% and cleared $6,300 against the US Dollar. BTC remains in a strong uptrend and it seems like the bulls are now …

  • Bitcoin price was unfazed and it recently broke the $6,200 resistance level against the US Dollar.
  • The price even broke the $6,300 level and it seems like the bulls are now aiming $6,500.
  • There is a major bullish trend line forming with support at $6,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could find a strong buying interest if it corrects lower towards $6,100 or $6,000.

Bitcoin price rallied more than 4% and cleared $6,300 against the US Dollar. BTC remains in a strong uptrend and it seems like the bulls are now aiming a test of $6,400 or even $6,500.

Bitcoin Price Analysis

This week, bitcoin price overcame all hurdles and rallied above $6,000 and $6,200 against the US Dollar. The BTC/USD pair gained bullish momentum after it settled above $6,100 and the 100 hourly simple moving average. Recently, it broke a bullish flag pattern with resistance near $6,040 on the hourly chart to start a strong upward move. As a result, the bulls pushed the price above the $6,250 and $6,300 resistance levels. A new 2019 high was formed at $6,315 and the price is likely to extend gains.

An initial support is near the $6,230 level, and the 23.6% Fib retracement level of the recent rally from the $5,961 low to $6,315 high. If there is a downside extension, the next key support could be $6,140. It represents the 50% Fib retracement level of the recent rally from the $5,961 low to $6,315 high. More importantly, there is a major bullish trend line forming with support at $6,050 on the hourly chart of the BTC/USD pair. Moreover, the previous resistance area near $6,050 is likely to act as a strong buy zone if the price corrects lower.

Besides, the price is now well above the $6,000 pivot level and the bullish 100 hourly SMA. Therefore, there are chances of more upsides above the $6,300 and $6,350 levels. The next main hurdle is near the $6,400 level, above which the price could rally towards the $6,500 level.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is gaining bullish momentum above $6,200 and $6,300, with no major bearish sign. In the short term, there could be a few bearish moves, but dips remain supported near the $6,200 and $6,100 levels. Only a daily close below $6,000 and the 100 hourly SMA could start a substantial downside correction.

Technical indicators:

Hourly MACD – The MACD is currently placed heavily in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower in the overbought zone.

Major Support Levels – $6,200 followed by $6,140.

Major Resistance Levels – $6,300, $6,400 and $6,500.

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Telstra Corporation Ltd (TLS.AX) Chaikin Money Flow Showing Positive Signs

Telstra Corporation Ltd (TLS.AX) shares are showing bullish signs as the Chaikin Money Flow or CFI is above the zero line. A positive Chaikin Money …
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Telstra Corporation Ltd (TLS.AX) shares are showing bullish signs as the Chaikin Money Flow or CFI is above the zero line. A positive Chaikin Money Flow indicates that the stock is strong while a negative CMF indicates that the stock is weak. The CMF indicator passing through the zero line (rising above or falling below) may indicate a shift in the overall trend for the equity. The indicator, created by Marc Chaikin, is based on the theory that the strength of the market can be determined by looking at where the price closes compared to its daily range and volume. If the market is strong you will see if closing in the upper half with a high volume. A weak market can be seen if it closes in the lower half of the range on high volume.

Taking a deeper dive into the numbers, Telstra Corporation Ltd (TLS.AX) has a 50-day Moving Average of 3.29, the 200-day Moving Average is 3.10, and the 7-day is noted at 3.36. A popular tool among technical stock analysts is the moving average. Moving averages are considered to be lagging indicators that simply take the average price of a stock over a specific period of time. Moving averages can be very useful for identifying peaks and troughs. They may also be used to help the trader figure out proper support and resistance levels for the stock.

Stock analysis typically falls into two main categories. Some investors may prefer technical analysis, and others may prefer to study the fundamentals. Many investors will keep an eye on both. Technical analysis involves trying to project future stock price movements based on prior stock activity. Technicians strive to identify chart patterns and study other historical price and volume data. Technical investors look to identify trends when assessing a stock. The trend is typically considered to be the main direction of the share price. Trends are generally categorized as either up, down, or sideways. If a bullish trend is spotted, the trader may expect the upward trend to continue and thus try to capitalize on further upward action.

Traders may be relying in part on technical stock analysis. Telstra Corporation Ltd (TLS.AX) currently has a 14-day Commodity Channel Index (CCI) of 12.38. Despite the name, CCI can be used on other investment tools such as stocks. The CCI was designed to typically stay within the reading of -100 to +100. Traders may use the indicator to determine stock trends or to identify overbought/oversold conditions. A CCI reading above +100 would imply that the stock is overbought and possibly ready for a correction. On the other hand, a reading of -100 would imply that the stock is oversold and possibly set for a rally.

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At the time of writing, the 14-day ADX for Telstra Corporation Ltd (TLS.AX) is 24.56. Many technical chart analysts believe that an ADX value over 25 would suggest a strong trend. A reading under 20 would indicate no trend, and a reading from 20-25 would suggest that there is no clear trend signal. The ADX is typically plotted along with two other directional movement indicator lines, the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI). Some analysts believe that the ADX is one of the best trend strength indicators available.

The Relative Strength Index (RSI) is one of multiple popular technical indicators created by J. Welles Wilder. Wilder introduced RSI in his book “New Concepts in Technical Trading Systems” which was published in 1978. RSI measures the magnitude and velocity of directional price movements. The data is represented graphically by fluctuating between a value of 0 and 100. The indicator is computed by using the average losses and gains of a stock over a certain time period. RSI can be used to help spot overbought or oversold conditions. An RSI reading over 70 would be considered overbought, and a reading under 30 would indicate oversold conditions. A level of 50 would indicate neutral market momentum. The 14-day RSI is currently sitting at 55.97, the 7-day is at 55.78, and the 3-day is spotted at 62.31 for Telstra Corporation Ltd (TLS.AX).

When conducting stock analysis, investors have a wide array of various classifications to choose from. Growth stocks generally have the potential to produce above average profit growth and revenues. These types of stocks tend to expand quicker than the economy as a whole. Investors also have the option of adding cyclical stocks to the portfolio. Cyclicals are generally companies whose earnings and sales are highly correlated with that of the overall economy. When the economy is doing well, cyclical stocks may be more in favor. Investors may decide to go in another direction when the economy is dragging. When an economic downturn is underway, investors may choose to select defensive stocks. These types of stocks generally stand up well during down periods based on their insulation from the business cycle. Investors also have the option of purchasing foreign stocks to help add some diversity to the portfolio.

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