GKP - Research

Hi WS,

Yep - there's an active hourly P&F target (1% x 3) at 133.7p too which ties in nicely. Plus the original breakout point of 137.5p where some decent volume piled in last time round.

H&S on daily chart...dyor

dl.dropboxusercontent.com/u/40497882/GKP%20Daily_20_june13.JPG

WaveSurfer wrote: I'm seeing a H&S shoulder developing here - my chart just froze and restarting... failure to hold 154 (rising neckline 154 - 158) on a closing basis will see a H&S target of 141 - 146 area - depending which price level(neckline) it breaks from. if it takes out the highs then it get invalidated...

here a quick n dirty chart.

dl.dropboxusercontent.com/u/40497882/Pot...6S%20_GKP_11june.JPG

dyor.

WS

Update to daily chart:



dl.dropboxusercontent.com/u/20815047/FTS...GKPdaily13_06_13.gif

Interesting close. 10k of trades took it up 2.5p to 155p 30 seconds before the close. Was someone trying to influence the day's candle on a weak volume day?

OBV isn't looking convincing. 4H chart has a short term downtrend from the 166p high at 161.5p today.

Yep - agree with that F4T. I don't buy into the 4H and hourly hammers either. Here's a 4H chart, though, with some interesting levels ahead if this is wave 5 of C:



dl.dropboxusercontent.com/u/20815047/FTS...ts/GKP4H11_06_13.gif

Wave 3 of 5 of C target at 141p (blue 161.8% Fib extension), wave 4 target at 150p (blue 100% Fib and backtest of the wave 1 low) and then a final 5 of 5 of C down to the original breakout level at c. 135/137.5p.

Be nice if it went that way

The rise yesterday surprised me. No reason for it after the three outside down, which should have led to a continued retrace. We now have a cloud cover pattern that could conceivably become a bearish engulfing pattern. Very bearish.

This one is acting very strangely in recent days, though it seems to me that traders have decided that somewhere in the mid 150's is a good risk reward price.

More fun to come for sure.

F4T

Thanks for enlightening me: just saw a quick news flash on News Pro this morning.