The share prices of spread-betting brokerages IGG and CMCX took a hit in the run up to the Autumn Statement - with investors fearing that Reeves, and her boss Bell, would widen their gleeful tax-grabbing desires towards spread-betting. Whilst there were some changes to gambling taxes they did not touch spread-betting (at least this time).
In the run up to the budge we saw CMCX drop to the 200p area - a notable level of support. It may be argued that CMC's push lower was more driven than #IGGs due to the CMC Owner Peter Cruddas public support of the Conservative Party.
Anyway we can see that price rebounded strongly when it became clear that spread-betting rules would not be changed (for the moment). CMC popped from 200p to 300p and the question is now: what next? Previous moves to this area have seen rejection and moves lower. I will watch over the next few weeks to see whether it can hold the 300p level, and form a base, or whether the price action shows CMC wallowing at these heady heights before a return lower.
In the run up to the budge we saw CMCX drop to the 200p area - a notable level of support. It may be argued that CMC's push lower was more driven than #IGGs due to the CMC Owner Peter Cruddas public support of the Conservative Party.
Anyway we can see that price rebounded strongly when it became clear that spread-betting rules would not be changed (for the moment). CMC popped from 200p to 300p and the question is now: what next? Previous moves to this area have seen rejection and moves lower. I will watch over the next few weeks to see whether it can hold the 300p level, and form a base, or whether the price action shows CMC wallowing at these heady heights before a return lower.
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.