GKP

You can see how the down trend line has held gkp back. Clear to see.
There was a 123 low breakout recently on gkp . Thats what powered the move higher. Clear to see on the chart.
So this dont look to bad as there are signs of strength building. The green light for entry was the 123 low but if you did not enter then , then look for this to clear 110 and then the trendlines.
im not a holder as i missed the entry been busy.

dl.dropboxusercontent.com/u/4899609/gkp11thjuly2014.png

Here's my take:

On the daily we had a nice bounce off my red trendline and a perfect backtest on RSI which I had been waiting for. A bullish harami points to potential upside on monday and I expect 86.50 to be the short term low.

uk.advfn.com/p.php?pid=chartscreenshotsh...Dly8=&symbol=L%5EGKP

We can see the technical breakout on the hourly, the same trendline forming another falling wedge. The positive divergence on MACD and on RSI (in the apex) gave the breakout power.

uk.advfn.com/p.php?pid=chartscreenshotsh...Xo%3D&symbol=L%5EGKP

The technicals worked beautifully on GKP again IMO.

Cheers
F4T

More shenanigans at GKP today lol. Guy gets fired by the shareholders but still keeps his job and salary. Incredible corporate deception.

Anyway, back to the charts:

uk.advfn.com/p.php?pid=chartscreenshotsh...aM%3D&symbol=L%5EGKP

On the daily we closed right on shadow support. Next falling support (red) at 87 and then stronger rising support at 81.50
IMO it is the cloud cover / engulfing candlesticks that give the game away

uk.advfn.com/p.php?pid=chartscreenshotsh...F8%3D&symbol=L%5EGKP

We can see on the hourly that support is already broken with the close and another engulfing candlestick.

F4T

Nice call Ian

Let's see if 81.5p holds. What is the support below this level?

Thanks

Hi ps....

well, 79 looked like a bottom in all but one respect - volume. RSI support held firm, but I was/am not convinced.

My red trendline has potentially changed from support to resistance.

uk.advfn.com/p.php?pid=chartscreenshotsh...8%3D&symbol=L%5EBLVN

Support still in the 81.50 area, then shadow support at 80 followed by horizontal support at 78.25 and 72.25. Below that is 68 (CPR ) and 64p.

Resistance at 86.50-86.75

If 80 breaks then the horizontal supports will come into play. It could go all the way IMO.

Look for volume of 15M+ to indicate a bottom, either on the way down or surge upwards.

F4T

Possible double bottom trade coming up..This is a first attempt trade only and tight stops should be used.
If this level breaks then this could head down to 53.75 where there is a gap support thats strong .


dl.dropboxusercontent.com/u/4899609/gkp31stjuly2014.png