GKP

F4T:

"Today close somewhere near the top of the gap."

'Tick.'

one more leg to the upside to come here imho. sideways in a range building strength atm, small pullbacks are good, and healthy in a up move.

Clear bull flag formation, target around the 100p. (have you heard anyone else tell you that??)
Be flexible around the mid 90's (200 day ema), if we get there, lol!

One the of the best flag formations i've seen in a while imo.
uk.advfn.com/p.php?pid=chartscreenshotsh...%3D&symbol=LSE%3AGKP

uk.advfn.com/p.php?pid=chartscreenshotsh...%3D&symbol=LSE%3AGKP

Whichever way it goes, its nice the see all the different views.

Regards,
Trendfriend.

P.S despite all the apparent doom and gloom, this is still holding and above the RSI support from mid Oct!!

Food,i cannot seem to find the 'No Thank You' button but when i do,i shall be pressing it.

F4T - Just for a bit of balance here, According to Bulkowski, "the Island top or bottom has the worst performance rank of ANY chart pattern - Dead Last - regardless of the breakout direction."

thepatternsite.com/islandrev.html

So I wouldn't put tooooo much emphasis on that if it gaps down - only to reverse, as this pattern frequently does - hence the bad performance rate.

I can see a bull case and bear case here, for an exercise the other evening I drew some upward channels on the chart just to see what we might be looking at if the trend change is confirmed at some point. It's quite enlightening the interaction of wicks and open and closes with the trendline channels. Guess where it closed today? Bang on the bottom of the channel trendline. The target at top of channel tomorrow - the same as Trendfriend's bull flag target £1.....



screencast.com/t/UmdzDj6jT

Close call tomorrow, too many mixed signals, I can see the case for one last leg up adjusting EW count and upward channel support, and can see the bear case for a pullback as I've mentioned below....tomorrow will tell.

GLA

Thanks for the info on island reversals KK. Interesting as in my experience they have always been effective.
If you strip out all the emotion and positive bias it is clear that this is over bought and extended. 100% in a month, asset value, crude prices, war and reversal patterns! The time to buy was below 50, not after such a rise. We will see very soon.

dl.dropboxusercontent.com/u/7238706/Gulf...td%20%28daily%29.png

A possible scenario.....