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GKP daily 05/06/13

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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 
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