GKP

Some points of note for GKP as of today:

1. As noted below by remo et al, bounced off 61.8% fib today, but closed barely above it. 1 test so far, so inconclusive but it held well this morning under alot of broad market stress and remained intact for the rest of the day
2. Falling wedge (red) which is more bullish than bearish, though is it about to break to the downside?
3. Increased volume on sp descent shows lows being bought up
4. Rising long tern support currently at 173, some way off
5. Money flow index turning north and showing some divergence
6. MACD divergence on hourly (as detailed earlier by Jackozy)
7. Coiling of the main SMA's. In my experience this tight coiling often precedes a big move.

On balance the chart looks more bullish than bearish. I am in no doubt that a big move is imminent. My gut tells me to wait for 173-175 but the chart now casts some doubt. I have trained myself to always trust the chart

I am going to wait to see if 187 is tested again properly tomorrow. In the mean time I will stick with my 173 bet with Jackozy, though now with some reservations

uk.advfn.com/p.php?pid=chartscreenshot&u...3fKxRQZDmOim%2FAHCPt

uk.advfn.com/p.php?pid=chartscreenshot&u...h7wTeaj0cJeOR8n0szCz

F4T

Hi F4T,

Thanks for your views.

I agree with everything you say but, somewhat ironically, I've ended the day feeling less bullish than before whereas you've ended up slightly more bullish lol!

It was an unfortunate day to arrive at a key support so to stay above 187p was quite positive. What we need tomorrow is a strong white candle, preferably on a gap up to form the following bullish reversal pattern: stockcharts.com/school/doku.php?id=chart...inverted_hammer_and_

There was every opportunity for the bears to tank this down today but they didn't. Again, a positive.

It's all about tomorrow now.

Cheers.

Trend is UP as long as it stays above 173


EOD daily above shows swing points from the low of 161.50 on 27/12/12
Its made 2HHs and 1HL

Correction from 227.75 shows a series of LHs and LL

Zoom into hourly


Bullish signs on hourly :
1. Bounced off 61.8 fib and previous breakout point
2. Bullish divergence on RSI/MACD
3. Possible 123 low forming

A close above 193.38 today will give a 123 low breakout and it will also close above the red trendline as seen on hourly chart above
Wait for it go above 193.38 for an early entry with a SL below 1 @ 186.25

Real strength will come above 197.88 which is a previous high and 200 DMA level

A close below 173 will mean more than 100% correction + a LL and will be bearish

Cheers Jackozy,

it seems that we each throw doubt upon the other

I took a partial position this morning at 189 so as to cover all possibilities. I will add lower.

F4T

Strike 2 on 187. Strike 3 will break IMO.

Just a matter of time IMO....going down baby:)