GKP

This broke the trend line in the first hour so no positions was taken
Its a clear break and if it stays below the trend line by 4.30pm then lower prices may follow.


dl.dropboxusercontent.com/u/4899609/gkp28thaug.png

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE.png

Whilst I see and appreciate the short-term trade off the support at 175, I see this going to the 165/166 to complete a possible wave 4 before heading back toward 204.74 and wave 5.

My thoughts exactly Remo re: 175. With a 177 close,a low of 176.50 and continued deterioration in broader indices this evening, a potential break of 175.50 gives a lot of downside potential. Lots of support in that area though, MA200, MA20, 23.6% retracement of the 129 move and also a trendline on my chart.

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

The rising wedge broke down decisively today and we are currently testing RSI support. There is medium term MACD bearish divergence on this from early June and also some of the same on RSI for good measure.

166.50 or lower is very possible should 175 fall.

bonobo77 wrote: What's your target for the long?

Syria might throw it into a cocked hat.

hi bonobo77
My target would be 190 area again.
This is only for a short term trade. It was meant for today mainly as the price had moved a fair bit today so the chances off a bounce from that level were higher.
How ever ...Since the price has closed close to that level ,it has higher risk attached to the first attempt trade so now i wont be placing my entry to go long from 175.25 for the first hour atleast.After the first hour i may place the order .
I dont really look at fundamentals when trading short term . This trade was meant for a quick trade.
Overall this correction is healthy as you are getting higher highs. If the trend line was to break then you will have to be careful as that opens up lower prices for the short term.A break and finish below 175.25 can open up 160ish again.

What's your target for the long?

Syria might throw it into a cocked hat.

Possible long on a first attempt trade coming up.
If this hits 175.25 today then worth a quick long on a first attempt basis as there is the trend line and horizontal support together.If not today then maybe tomorrow from the trend line.


dl.dropboxusercontent.com/u/4899609/gkp27thaug.png