GKP

H&S on daily chart...dyor

dl.dropboxusercontent.com/u/40497882/GKP%20Daily_20_june13.JPG

WaveSurfer wrote: I'm seeing a H&S shoulder developing here - my chart just froze and restarting... failure to hold 154 (rising neckline 154 - 158) on a closing basis will see a H&S target of 141 - 146 area - depending which price level(neckline) it breaks from. if it takes out the highs then it get invalidated...

here a quick n dirty chart.

dl.dropboxusercontent.com/u/40497882/Pot...6S%20_GKP_11june.JPG

dyor.

WS

Update to daily chart:



dl.dropboxusercontent.com/u/20815047/FTS...GKPdaily13_06_13.gif

Interesting close. 10k of trades took it up 2.5p to 155p 30 seconds before the close. Was someone trying to influence the day's candle on a weak volume day?

OBV isn't looking convincing. 4H chart has a short term downtrend from the 166p high at 161.5p today.

Yep - agree with that F4T. I don't buy into the 4H and hourly hammers either. Here's a 4H chart, though, with some interesting levels ahead if this is wave 5 of C:



dl.dropboxusercontent.com/u/20815047/FTS...ts/GKP4H11_06_13.gif

Wave 3 of 5 of C target at 141p (blue 161.8% Fib extension), wave 4 target at 150p (blue 100% Fib and backtest of the wave 1 low) and then a final 5 of 5 of C down to the original breakout level at c. 135/137.5p.

Be nice if it went that way

The rise yesterday surprised me. No reason for it after the three outside down, which should have led to a continued retrace. We now have a cloud cover pattern that could conceivably become a bearish engulfing pattern. Very bearish.

This one is acting very strangely in recent days, though it seems to me that traders have decided that somewhere in the mid 150's is a good risk reward price.

More fun to come for sure.

F4T

Thanks for enlightening me: just saw a quick news flash on News Pro this morning.

diver993 wrote: After the deaths in Northern Iraq I'm rather surprised this held price for so long.

Unfortunately these reckless bombings happen nearly daily outside of Kurdistan.

40 km (25 miles) north of Baghdad where these recent bombs went off, it is not exactly Kurdistan where GKP is based..