Cookie Policy

Chartsview Blog

The Latest Blogs from Chartsview

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Archives
    Archives Contains a list of blog posts that were created previously.
  • Login

GKP daily 05/06/13

by in ChartsView Blog:
  • Font size: Larger Smaller
  • Hits: 3191
  • 0 Comments
  • Subscribe to this entry
  • Print
3191
Picture
Here's GKP's dily chart from yesterday's close. It clearly shows a bearish engulfing candle which could form part of the three outside down patter mentioned by Gary in the last comments.

Note how this occurred at a confluence of resistances: the old downtrend from 228p, the bearish wedge resistances and the 38.2% Fib of the 228-126p move.

In addition, the RSI also found resistance at double bearish momentum discrepancy reversal points (this is where RSI makes higher highs but price makes lower highs during downtrends - these are usually continuation patterns).

Remember, all these bearish patterns have occurred just at the area we've been discussing. They can't be relied upon 100% bit it will take a close above 166p for higher prices now and a close below 160p today will confirm the downside move. The question is: would that be a retracement of an impulse move or would it be wave 5 of C dow 
0
Trackback URL for this blog entry.

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Friday, 08 November 2024