An outlook for 2016 including stocks, the Dow Jones and Oil were covered by David Paul, Managing Director for Vector Vest, when he joined Nick Batsford and Zak Mir on the Tip TV Finance Show.
Key Points:
In terms of oil, Paul noted that $34 would be a level where we may at least see a bounce in the oil price as a falling wedge formation can be seen on the chart.
Bellway (L:BWY) had a great trading statement, and was up again this morning. Paul commented that with earnings per share rising and with the stock trading up the page, Vector Vest have set a valuation of around $40 for Bellway.
Jd Sports Fashion Plc (L:JD), Avon Rubber (L:AVON) and Greggs (L:GRG) are other stocks which Paul expressed where looking good heading into 2016.
When concerning the Dow, Paul outlined it is reaching critical levels, with the FTSE 100 also stopping at the same 78% Fibonacci retracement level. He concluded if this breaks to the downside, the case for the bulls will be damaged for the next few weeks.