GKP

Got the bullish engulfing remo and a nice possible cup on the hourly. I'd like to see it hold 159.5p now.

Daily chart update highlighting the main trendlines from the 10p lows and the ATH:



dl.dropboxusercontent.com/u/20815047/FTS...GKPdaily04_02_14.png

There's gonna have to be a breakout of one or the other in the not too distant future. Also look for a possible W formation from the 240p high.

...and here's a close-up of the hourly....
dl.dropboxusercontent.com/u/7238706/Gulf...d%20%28hourly%29.png

Sets up a target of 179 which also happens to be the main downtrend resistance in a couple of days so 179/181p is now a key level. Watch RSI for a possible break indicator. If it falls back off that then there's the possibility of a nasty descending triangle with base at 149p. I'll leave others to work out possible targets for that...

Critical times but looks like a decent size move is coming soon....but which way?

J, check out your RSI and I think you'll find the triangle has been invalidated: today's reading is higher than Feb 4th; if the triangle were to form the RSI would take the same reducing form as the SP.
After so many false dawns it will be good to see this come to potential;)

a close abv todays high will be key esp abv 165, clearly buyers stepped in at a key level to create a bullish engulfing candle today (day 2) which also sets up a potential bullish outside 3 reversal setup, needs to confirm by another green candle (day 3) higher daily close for that to happen and today lows has to hold - today's low at 148.9 (HL) and the last low of 148.6 (Nov 13 2013 daily candle)

dl.dropboxusercontent.com/u/40497882/GKP%20Daily_Feb04.PNG




Important few days for GKP imo.


rgds WS