GKP

Well, haven't posted for a while after some rather unfortunate comments but thought i'd give my update to the mix. Chart taken at 9.30 today.

uk.advfn.com/p.php?pid=chartscreenshotsh...DCrMxs7ks8pjKkw9Z0Xc

As indicated in my last post, anything sub 140 was good value with the bottom likely to be in the 130 area. Things went pretty much as planned with a large initial bounce that faltered right on the lower blue channel resistance. Some consolidation followed before the same at the upper channel resistance. This was pierced yesterday with a high right on the 38.2% fib before retracing below our resistance line. We now need a close above 161 and some consolidation in this area would be positive. Failure to close above 161 could result in a healthy retrace to the lower 150's.

However, we are now nicely above the MA20 & MA50, money flow looking promising but some concern at the lack of volume. Next horizontal resistance is in the 171 area but I do not expect this to be exceeded before some retrace or consolidation.

All in all things looking okay. What is important about this rise is that it provides room for whipsaw or retrace should negative news arrive. The 130 area will remain strong support going forward.

F4T

nice summary F4T !

looking good for sure...note those Ma's on weekly and monthly - daily fired a 1st buy signal on 15th May, will we get a 2nd and 3rd confirmation buy signals on weekly and monthly charts....

Food4Thought wrote: Well, haven't posted for a while after some rather unfortunate comments but thought i'd give my update to the mix. Chart taken at 9.30 today.

uk.advfn.com/p.php?pid=chartscreenshotsh...DCrMxs7ks8pjKkw9Z0Xc

As indicated in my last post, anything sub 140 was good value with the bottom likely to be in the 130 area. Things went pretty much as planned with a large initial bounce that faltered right on the lower blue channel resistance. Some consolidation followed before the same at the upper channel resistance. This was pierced yesterday with a high right on the 38.2% fib before retracing below our resistance line. We now need a close above 161 and some consolidation in this area would be positive. Failure to close above 161 could result in a healthy retrace to the lower 150's.

However, we are now nicely above the MA20 & MA50, money flow looking promising but some concern at the lack of volume. Next horizontal resistance is in the 171 area but I do not expect this to be exceeded before some retrace or consolidation.

All in all things looking okay. What is important about this rise is that it provides room for whipsaw or retrace should negative news arrive. The 130 area will remain strong support going forward.

F4T

Thank you remo for your post with the chart. Amazing when you added the channel, it is so clear that in the past since April, GKP has a downtrend channel. Also thank you for adding the link.

I also feel very benifit for Food4Thought comments on GKP chart viewing. Today sp reachs 166p. So I expect 190ish as new channel resistance and 160ish as support. Welcome for correcting me.

quick one...




dl.dropboxusercontent.com/u/40497882/gkp_06June.JPG

Bearish engulfing candle right at resistance yesterday, possible three outside down pattern completing today and double bearish positive divergence in RSI all pointing to at least a correction and possibly wave 5 of C (would need to be truncated or a diagnonal triangle having breached wave 1 low):



dl.dropboxusercontent.com/u/20815047/FTS...GKPdaily05_06_13.gif

Plus, check out the hourly chart which shows the double bearish divergence in RSI plus the breakdown of the RSI formed from the hourly bullish divergence at the 126p low:



dl.dropboxusercontent.com/u/20815047/FTS...KPhourly06_06_13.gif

wavesurfer, you will get a better fit with trendlines drawn on a line chart. Support is 155, a little lower to the trendline

uk.advfn.com/p.php?pid=chartscreenshotsh...L0Gvmu1ttW7TdZDdQr5I

uk.advfn.com/p.php?pid=chartscreenshotsh...KfQ4ptJ1ip9WcaTN+JDG