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GKP daily 23/09/13

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GKP today failed to follow through on Friday's bullishness and we closed the day with an inside bar and back below 203p.

The inside bar should be traded in the direction of the break beyond the limits of the covering candle so that should be long above 210p and short below 196p but beware the support from the last breakout point at 189.75p.

There's also the possibility that the correction from 240p is forming a bull flag whose lower trendline meets that breakout point shortly and the main uptrend support in a week or so. Indicators, however, look bearish and further lower closes are likely to cause a breakdown of the RSI uptrend which would suggest to me that this is in a wave 2 down from 240p, perhaps to the 61% Fib at 171p.

Supports are at 189.75p, 185p (trendline and doji) and 171p. Resistances are at 210p, 220p and 233p
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