GKP

Hey y'all,

Not really been much to talk about here as oil has been tumbling at such a rapid rate. I did scale in long from 54 - 49p with average of 52p for a little flutter on a spread bet, sold out for all of 1.75 pips as I had to go out this morning! LOL! I could have taken 5! Hardly beer money!!! It broke a small wedge to upside today which I'd been watching. CAO (Awesome oscillator) indicator has now gone red confirming the wave 2 proper, which I'd mentioned previously, doesn't mean it can't re-test lows though if the downward spiral of oil continues, but makes more sense now from an EW perspective...With a bounce of oil or continued positive news flow, I don't see why we couldn't kick off wave 3, depends on your risk appetite, but I was happy scaling in at these prices - gap left behind so it's a wait and see really, but if the bottom is in, wave 3 is gonna be a nice ride up, just a question of when? Not long though me thinks - unless it puts in a new low and then I'll need some new crayons for Christmas!!

uk.advfn.com/p.php?pid=chartscreenshotsh...M1xc=&symbol=L%5EGKP

Looks good to me.... a close above those moving ave's @ 65/66p area, should mean this will push on imho....

Regards,
Trendfriend

Could it be setting up a 1, 2,3 breakout...with the "1" being the 80+ 0n 10th Nov, the "2" being the retest of 50p 15th December....a break of the 85p line (finally) would confirm?

i13.photobucket.com/albums/a272/ademcg/GKP22Dec.jpg

Agree on the weekly chart Ade for the 123 low ,,,, I have a break of 85 and an initial target of 121.50

www.screencast.com/t/FkRNkKBcTm

dl.dropboxusercontent.com/u/7238706/GULF...NE%28daily%29%29.png

A few hurdles await in the shape of resistances at 70; 81; 85 and 117, with the last being at the 161% extension of the move up from 48.50.

With the fundamental prognosis now looking far more favourable than of late, perhaps, just perhaps, things are improving. I remain hopeful for a better 2015

Let's not get carried away - 117 needs to be breached and held before real celebrations can begin!

Its interesting chartists talking about fundamentals... because i wonder what they do support aside from magic T/Os of course... (always possible as Afren is hoping. )
...but noticed that previously F4T when he mentioned fundamentals was highly skeptical above 85. His somewhat pessimistic views generally have played out. Nothing I would like more than you to be right of course.... but how far are the charts tied to fundamentals in the end? I ask as someone with a healthy respect for both charts and fundamentals lol!