GKP

SP is once again approaching interesting areas. Inspired by WS and for fun I thought i'd try to extrapolate how it might move in the near term. I don't think it will go as low as WS's chart but the 50's are certainly in range. The move I demonstrate actually has a higher low before a move up.

uk.advfn.com/p.php?pid=chartscreenshotsh...UCBeS7e5h5%2FZbQg%3D

So where are we currently? We have a trendline which forms part of a falling wedge that is holding the sp ever lower. We should see 75.50 finally act as resistance. Shadow trendline (turquoise) broken. MACD has rolled over with a negative tick. RSI has room to move before support (or resistance). 73.75 has been tested twice, so should fall at the next attempt.

My red trendline starts in 2009 and provides support in the 69/70 area close to a recent low, forming a nice area for a short term bounce. We then have a higher low in the low 60's (say 63) before a breakout of the wedge northwards. Should this (blue) support line be pierced to allow a double bottom at 61 we might then get a death hook which will give more power to the move higher.

An engulfing candlestick today would help things along.

I too do think that GKP could finally finish its long downtrend soon and certainly this year. Might be at 63, could be at 61 or even the open gap in the low 50's.

Let's see how the crystal ball fairs.
F4T

Nice stuff F4T, pretty much in agreement..... just need to monitor now

i sense a quick slam coming similar to early august action, once 73 breaks ( enter into the "redZone", final flush) either retest of lows or lower low are coming...but it will also enter BTFD zone too.




dl.dropboxusercontent.com/u/40497882/Gul...y%20_17%20Sept14.PNG

rgds WS

Yep, we still agree WS.

73.75 went at third test but it took some time. Not much interest with the pitiful volume of late. IMO volume will only come in the mid/low 60's as this is the new bottom marker. Only then is a trade in play.

uk.advfn.com/p.php?pid=chartscreenshotsh...O0%3D&symbol=L%5EGKP
Just looking the gap numbers on this from way back in 2010
i would appreciate if someone can please double check the gaps, and the prices of the gaps are correct on my chart.
I use ADVFN!! lol

Regards,
trendfriend.

correct