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GKP daily 19/06/13

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Not much to add from earlier discussion except to point out the big drop in volume and narrowing range of daily price movement. These both suggest a move is coming (the Bollinger Bands are also fairly narrow which suggests the same).

While 147/8p has been a subborn support, the main target areas (should it drop) are all around the same general support area. There's the short term uptrend formed by the 126.3p low and the higher low which followed, the original breakout point of 137.5p, the 61.8% Fib at 141p and the 78.6% Fib at 134.75p. That's 4 support areas all pretty close together. Should they fail, the uptrend support which caused the bounce from 126p is now at 127.25p as next support.

On the upside, the main number to break now is that (re-drawn) down channel resistance at 160p then the 166p recent high.
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