GKP - Research

Hi Tejassi,

I'd like to understand your thinking when selling at 147.50?

This is how I have seen things. 173/4 long term support broke after the sp loitered in that area for several days. When it finally capitulated the sp plummeted quickly because any support below there was either minor or psychological after long term support went.

161 (once strong) became minor support and 150 purely psychological. Each broke without resistance like butter. We now seem to be settling at the psychological level. This is what I wrote a few days ago:

"The second break of support (173/4) has severely weakened this level. If it doesn't repair pretty quick then longs will be hoping that 161 and 150 hold....... A close below 171 will see lots of holders run for the toilet IMO ",

and then yesterday:

"once support is broken all bets are off and the sp becomes a lottery"

It seems we all made mistakes on this one, helped by good old TK of course

Where now? Well, the lottery is still on IMO but note that we have had 2 says of 10MM+ volume, which could be telling. Now we have had the retrace IMO historical supports and resistances will start to regain some effectiveness. That is all.


F4T

Hi - So which is it - Is it a buy at this stage or is it a wait and see? (Sold at 147.50) this morning (feeling a little deja vu) this time last year if I remember

This is currently broken out of the channel. If it finishes below the channel then that would give it a target of 136 as the channel is 22 points wide.
So a finish below the channel and my entry at 151.4 will be deleted. So basically i wont be going long on this tomorrow from that level but the trades still on for today on a first attempt basis. This is going to be cancelled at 4pm as i dont like having trades on in the last half hour.
A finish below the trend line will most likely bring lower prices.

dl.dropboxusercontent.com/u/20815047/GKPweekly22_04_13.gif

Uhmmmm....??

[This is a weekly chart and it's only Monday]

Tejassi,

this is what I meant about GKP not being a good company. Shady bankers in control and manipulating things for their own benefit. You have to balance the bad against the asset.

161 now looking like a good call (if it was a call ), but as I noted previously - once support is broken all bets are off and the sp becomes a lottery. It is too late to repair now. The main (only) indicator to look at now is volume IMO. 10MM+ in a day might indicate that a bottom has been reached and 162.50 has not achieved that.

Apologies for non TA talk.

F4T

Not again!