GKP

You may be right F4T you usually are but a new bit of news came in this morning stating the approval of the FDP for Akri-Bijeel field run by MOL that can also be seen as positive. So might run on to the 80's but will keep close eye.
As Jackozy once interestingly stated, its surprising how often facts seem to eventually follow the TA predictions and thus belatedly justify the rise.

The set-up looks like this to me:

Low of 42.25, breakout of downtrend Wednesday with 64p finish, and then rise to point 1 at 76p yesterday. Now awaiting another low, obviously above 42.25, to confirm point 2. The buy-in point 3 will then be a break above 76p.

Hi orsotoro, another interpretation is that we already just witnessed the 123 low complete.
Starting with the bottom 42.25, we have 1 = 57.75, 2 = 49.10.
screencast.com/t/N2T6AZY7jE

Totally see what you are saying Count, but was the downtrend broken by that first rise, in your opinion ?

Hi Orsotoro,
No long term downtrend line from 465 wasn't broken yet but came close on 30 Oct with high of 76 imo. So we are still in downtrend.
I'd wait for F4T's update, he is usually spot on with his TA.
ATB

Hi Count,

Gotta agree that until that descending resistance of over 2 years is broken, this is technically still in a downtrend. As you say it came very close to a breakout - I'd personally like to see a break of that resistance followed by a break of previous high of 89.75p for a comfortable call of change in trend, but that's a big rise to miss out on. I guess the safest strategy would be to buy the inevitable backtest after a break of descending resistance if it happened, with a tight stop to avoid any fakeouts. What is encouraging from my chart set up is the fact this has had three closes above the 12day exponential average on the daily and is also sat above the various exponential 34 day moving averages which is set on opens and closes and median to create a 'tunnel'. From experience with this set up, when the blue 12 day crosses through the 34 day tunnel - we could see a powerful move up. It is soooo nearly ready to do so, but not guaranteed. If it does I'd expect to see it move up to the 80's but it's a questionable 'if' at the moment. I won't mention the forming of a potential inverse head and shoulders this time - too early

Daily:



clearer with link: screencast.com/t/TE5JAvcv

Weekly:



clearer with link: screencast.com/t/01a0SelF

Food for thought - What's your thoughts on this as you have been spot on.

Thanks in advance and good luck all.