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GKP daily 24/05/13

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As has been mentioned in the comments from the earlier post, today had a very odd close to it given that it was trading around the 150p mark and then had a closing U/T of 155p.

I didn't see the closing auction myself, but a U/T volume of 86k is not exceptional by any means so I guess the higher close may have just been due to a lack of selling interest ahead of the long weekend.

It doesn't really matter though. Technical traders may well simply see the SP closing above the triangle on the chart and take that as a buy signal. The hourly P&F chart (see below) also has two matching active targets at 164.5p and another one would have activated on the close if Updata intraday charts used price high/low instead of mid-price.
The reason I mention these specifically is because they happen to coincide nicely with the old downtrend channel resistance from the 228p high which I suggested could act as the top of a 5th wave were this triangle to break to the upside. The 38.2% Fib retracement of the drop from 228p to 126p is also at 165p.

We'll have to wait and see how it plays out on Tuesday of course, but it's looking good now for a move to that downtrend resistance and a possible 5th wave which would strengthen the case for an end to the downtrend at the drop to 126p. If it plays out like that and there's the theoretical retrace from there, the next test would be for it to hold the 61.8% Fib which would be at approximately 141p.

Interesting times.
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