GKP

Im surprised that no one mentioned the 123 low breakout we had yesterday
Thats the first time we have had one since last july. Could this be the bottom?????
Look to go long on any back test with a stop possibly below the 2 point at 172.





i would have mentioned this yesterday but have been busy trying to buy a Car for the past few days. Ive bought one Now and now i was gonna sell my other car but have lost my log book Its been a stressful week trying to purchase a car .

anyway

GKP is looking good

DYOR

I think we probably all saw the 123-low breakout but we're so sick of this share and false hopes that nobody wanted to put the jinx on it lol!

The things about 123-low patterns is that they look the same as ABC corrections until you get a 5th wave up. Which one is this?

As far as I can see there was no bullish RSI divergence at 161p (there doesn't have to be one) and the volume at that level wasn't great so I'm with diver on this - I want to see a convincing break and hold above 204p before I start to believe. I'm not the Fox Mulder of GKP any more

PS re the car - just be thankful you didn't have to buy one over here....!!!

This break and hold seems very convincing to me.

About time imo...

true strength will come with a close abv that gap and esp 242/5. Macd has crossed on the weekly and needs to get abv that 0 line

i would not want a close below 198/96 level, as when it does it sells of every time.

nevertheless looking good so far.

Yep, I'm happy to concede that it looks like I was wrong. 217p was obvious resistance so a bit of consolidation from there should be expected. If it does make a new high above 217p without going below 187p then there will have been 5 waves up which should confirm a new uptrend IMHO.

I have an active p&f target at 224p so the gap area looks to be the target for now.

Well I hate to say I told you so. The 162 area was a clear bottom and long term support back to 2009 as I mentioned several times on here.

I think that many on here draw their trendlines incorrectly. You have to use the closing prices for trendlines, that is what the majority of market participants use so it is foolish to do otherwise.

I also think that alot of traders overcomplicate their analysis using too many indicators and complicated wave therapy

My advice is to keep it simple. My target is still a 50%+ gain from 162 within two month which would need a gap close at 230.

No offense meant, just giving advice as I see it.
GL to all.
F4T

Food4Thought wrote: Hmmm, lots of negativity on here whch seems a little odd given the technicals. Positive divergence on MACD and a positive tick. In fact all indicators look pretty good to me. Maybe some missed the entry point.

Last time the sp hit the long term support line was 29/6 and before that 4/8/11 and both provided sizeable multi day bounces.

Well I guess the fiscal cliff will decide how the year ends and begins but if tonights session is positive IMO we are looking to test 203 and 206 at minimum in coming days. If not 162 is a bottom in any case for me not to be revisited.

F4T