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GKP daily cloud chart 18/07/13

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Tonight I thought we'd take a different view and look at the daily cloud chart because there have been some interesting developments lately. For more information on cloud, or Ichimoku, charts please click here

If we look to the left of the chart we can see how prices dropped below the cloud then re-entered and tested the top of the cloud from the inside. This is a classic resistance test and the breakdown was confirmed by prices dropping straight back down out of the cloud followed by the blue lagging line. This is textbook Ichimoku charting for a downtrend confirmation.

The last few days, however, and seen an exact (in fact even better) reverse event. Price broke up through the cloud to the 180p high, re-entered the cloud to test the support at the base and then popped straight back up out of the cloud. In addition (and this is what makes this even more textbook), the blue lagging line did exactly the same and closed today with its own re-breakout.

In addition, both price and lagging line are above the turning line (red) and the standard line (green), and the cloud on the right extreme is blue all of which are also bullish signals in Cloud charting.

The price downtrend which held the SP at 180p the other day falls at 177.75p tomorrow so a close above that and the 180p high are also required  for regular confirmation but I remain bullish here with an initial price target, subject to the closing break of 177.75/180p, of 218p.
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