GKP - Research

..... for balance, a close below 72.25 has the potential to bring 64 back into play.

A quick note.

Some nice price action here. Nice bounce off 64 support area with a hammer like candle and 2 day volume indicates a potential bottom (for now). Currently at first resistance 72.25. Next is 78.25 but I wouldn't be surprised to see 81 before the next retrace. Just my guess/bet as this is ma20 and in the area of some trend lines. Might only get to 78.25 though.

Currently (at 72.25) we have a very attractive bottom like formation - hammer, engulfing, thrusting or a combination of all. Looks great technically and a close above 72.25 should give more bullishness this week.

F4T

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Hi Richard,

stops should generally be placed under the next support or below the last swing low (or even under the previous days low). It really depends on the circumstances and can be different for each trader. Remo discussed this in his GKP post last week.

F4T

Hi Ian

Where do you think stops should be placed?

Richard

F4T,

you have Bearish stocks, and you have do not touch me with a barge pole bearish stocks.

This is currently the latter i'm afraid.
although i would happy to be wrong.

ATB,
Trendfriend.