GKP - Research

Hi Remo,

Why would you not view the mid 60s ( 67 on the weekly ) as a significant support level ( the 2010 low ) ?

yep that should be fine...Normally you would place stops below the nearest supports from your entry..In this case its roughly 65 but that would mean a bigger stop so your level should be ok as a first attempt should not really go too low

Thanks Remo.

How tight should the stops be? I was thinking 69.5p, but wondered if there was an indicator that would be useful.

Thanks

Possible double bottom trade coming up..This is a first attempt trade only and tight stops should be used.
If this level breaks then this could head down to 53.75 where there is a gap support thats strong .


dl.dropboxusercontent.com/u/4899609/gkp31stjuly2014.png

Hi ps....

well, 79 looked like a bottom in all but one respect - volume. RSI support held firm, but I was/am not convinced.

My red trendline has potentially changed from support to resistance.

uk.advfn.com/p.php?pid=chartscreenshotsh...8%3D&symbol=L%5EBLVN

Support still in the 81.50 area, then shadow support at 80 followed by horizontal support at 78.25 and 72.25. Below that is 68 (CPR ) and 64p.

Resistance at 86.50-86.75

If 80 breaks then the horizontal supports will come into play. It could go all the way IMO.

Look for volume of 15M+ to indicate a bottom, either on the way down or surge upwards.

F4T

Nice call Ian

Let's see if 81.5p holds. What is the support below this level?

Thanks