GKP - Research

Well it hit the mark between the 50 & 61.8% fib very nicely however, as it did so in one hit, I wouldn't be at all surprised if this retraced slightly then had another go north before recommencing the journey down to 161. It has followed the pattern beautifully so far......

Cheers Tejassi, just a bit of fun with Jackozy. I have a lot of respect for him as a technician.

uk.advfn.com/p.php?pid=chartscreenshotsh...SWPLc&symbol=A%5EAPT

Well, surprise surprise, as soon as the broad markets stop bleeding we get the bounce from long term support that I have expected. Volume was good but not great, but above average so IMO this validates yesterdays move. We busted through the MA20, 23.6% Fib and also both the trend channel (blue) and the downtrend line from 450 (red). We also finished on the days high, which is also positive.

187/8 provided support on the way down so no surprise that we stopped there, though the prospects of breaking this are moderate first time round. We might back test our blue trendline in the coming days but all looks good.

Much like what I said at 162, I do not expect to see 173/4 again as the support line rises. I am sorry to say that those waiting for 161 or 150 have IMO missed the boat.

It is nice when the TA works and it usually does with GKP. Sometimes you need a little faith and patience. Well done to those of you that bought at the support.

I expect the sp to make its way to the 200 area before stagnating a little as traders await the CC result. I have some thoughts on the fundamentals but will post in the relevant section if anyone is interested.

Cheers
F4T

Look where this finished.
right on the sweet spot.
Ideal scenario would be for a small retrace then a 123 low breakout .
you need a retrace to get the 123 low.

Jackozy, you owe a beer to F4T

Yep, it is certainly weakening but the way it is holding is testament to it being the last bastion of long term support. Yesterday was the first close below.

Nevertheless, no stock can withstand persistent and strong weakness in the main indices, no matter what the technicals say.

I still think it has a strong chance of holding, but the indices need to relieve some pressure after a much needed retrace.

F4T
PS: Jackozy, you still owe me a beer

Trend line looks like its getting weak. Its been hovering around this for a few days now so strength is going. I suspect that its gonna go to the lower channel at 166 and then the 161 area which should give this a bounce for a first attempt basis trade. Once that goes the all important trend line at 150