Quilter asset managers has been listed after the unbundling of the wealth division of Old Mutual. Managing over £100 billion of investments on behalf of over 900,000 customers, they operate in one of the largest wealth markets in the world. Their financial results for the period ending June 2018 reported a 2% increase in assets under management. Profit before tax increased by 16%.
· The first sign of strength will only be visible above line A (R23-26) below R22-75 we can assume that the momentum to the bottom will continue.
· The second confirmation of strength will be visible above line B (R24-52).
· There is a window waiting between R23-26 and R23-40.
· The “every cloud has a silver lining” candle (possibly positive) implies that investors have started to accumulate despite the selloff of the past 6 weeks.
· For traders – Buy or consider a long above line A (R23-26) but use R22-75 as stop loss to protect capital. The possible targets towards the top are: R23-26 (opening of window), R23-40 (closing of window), R23-87, R24-06, R24-25, R24-52 and R24-86.
· Note – There are currently lot of uncertainty around Brexit but as they manage to resolve the matter, investors sentiment will increase again which might support Quilter.
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