GKP

Backtest of the 61.8% level?

Well we have a little divergence on the RSI and a wave count that 'could' have completed yesterday. It could, of course, extend with all kinds of triangles and double, triple wotsisnames. Time will tell
Stay cool and soldier on....

Thought I'd review GKP before heading out this evening - looks like 169 will be on the cards early next week. That said it could represent a good risk reward entry. Aside from being a prior significant low back in July Looking at both the 4H & 60M chart there are lots of divergences playing out and a number of support levels that could afford a tight stop.

4H


dl.dropbox.com/u/24866576/November%20201...OM%20171112%204H.gif

Price is approaching the low of 169 and also the bottom of its descending trendline. Although not a massive fan of the 78.6% I'd still view it as a safety net with stops a little below that level.

The 60M below shows the divergences more closely with the red line being the 169 low of July.
60M


dl.dropbox.com/u/24866576/November%20201...0M%20divergences.gif

Not a massive fan of catching falling knives however the tight stop prospect means I'll probably be going in for some of this action!

Best,
M.

Seems like its breaking its RSI downtrend line?

dl.dropbox.com/u/21384991/Gulf%20Keyston...1.11.12%28DFB%29.png

Got some strong resistance around £2 though.

50 ema 196.93
Downtrend 200
38.2% fib 203.98
As well as round number syndrome. 200

Got start today though.

I’m surprised being GKP, how nobody else has picked this up.

Or am I wrong?

Seems GKP has broken the weekly downtrend.

Weekly
dl.dropbox.com/u/21384991/Gulf%20Keyston...2023.11%28DFB%29.png

Close up
dl.dropbox.com/u/21384991/Gulf%20Keyston...2.23.11%28DFB%29.png

Needs that all important close!!

Would like to have seen the break with more volume as witnessed earlier in the week with the break of the medium term trendline.

This is the 4H with the pink trendline set at the 450 high and 258 high of Sept:



dl.dropbox.com/u/24866576/November%20201...31112%20cv%2060M.gif

I've drawn the line a few times with similar results. With Updata the line snaps to the second point you mark so pretty happy with how it's drawn and it looks like a break on the lower timeframes. That said I wouldn't be buying in at these levels, rather wait for a convincing break on the daily (which isn't currently showing) and certainly not before the highs of Wednesday (203.5).

Position wise I'm still carrying my core holding and some I picked up earlier in the week.

Make the most of the weekend,
M.