GKP

nice summary F4T !

looking good for sure...note those Ma's on weekly and monthly - daily fired a 1st buy signal on 15th May, will we get a 2nd and 3rd confirmation buy signals on weekly and monthly charts....

Food4Thought wrote: Well, haven't posted for a while after some rather unfortunate comments but thought i'd give my update to the mix. Chart taken at 9.30 today.

uk.advfn.com/p.php?pid=chartscreenshotsh...DCrMxs7ks8pjKkw9Z0Xc

As indicated in my last post, anything sub 140 was good value with the bottom likely to be in the 130 area. Things went pretty much as planned with a large initial bounce that faltered right on the lower blue channel resistance. Some consolidation followed before the same at the upper channel resistance. This was pierced yesterday with a high right on the 38.2% fib before retracing below our resistance line. We now need a close above 161 and some consolidation in this area would be positive. Failure to close above 161 could result in a healthy retrace to the lower 150's.

However, we are now nicely above the MA20 & MA50, money flow looking promising but some concern at the lack of volume. Next horizontal resistance is in the 171 area but I do not expect this to be exceeded before some retrace or consolidation.

All in all things looking okay. What is important about this rise is that it provides room for whipsaw or retrace should negative news arrive. The 130 area will remain strong support going forward.

F4T

Well, haven't posted for a while after some rather unfortunate comments but thought i'd give my update to the mix. Chart taken at 9.30 today.

uk.advfn.com/p.php?pid=chartscreenshotsh...DCrMxs7ks8pjKkw9Z0Xc

As indicated in my last post, anything sub 140 was good value with the bottom likely to be in the 130 area. Things went pretty much as planned with a large initial bounce that faltered right on the lower blue channel resistance. Some consolidation followed before the same at the upper channel resistance. This was pierced yesterday with a high right on the 38.2% fib before retracing below our resistance line. We now need a close above 161 and some consolidation in this area would be positive. Failure to close above 161 could result in a healthy retrace to the lower 150's.

However, we are now nicely above the MA20 & MA50, money flow looking promising but some concern at the lack of volume. Next horizontal resistance is in the 171 area but I do not expect this to be exceeded before some retrace or consolidation.

All in all things looking okay. What is important about this rise is that it provides room for whipsaw or retrace should negative news arrive. The 130 area will remain strong support going forward.

F4T

This is testing that resistance channel again.
For GKP to move higher this has to break that channel.A finish above 164 would open up 190ish again.
The 164 level held on first attempt but the fact that its been hovering around that level for a few days bolds well for the bulls
Im already long on this from the 123 low breakout a few weeks back.Ill be adding once this breaks above 164 and finishes. So if its above 164 after 4.20pm may take a position with stops below 154.
dyor

dl.dropboxusercontent.com/u/4899609/gkp3rdjune.png

correct OG..

most importantly, close abv 162 be a good start, a close abv 178 even better on monthly view- the result in doing so is it will put in an outside month reversal candle stick.. that be really nice, however lets not get ahead of ourselves yet... 1 more day to go and more important 161/162 day close required.

all imho

Cheers WS

How do I see this? The downtrend is broken after sp is 160-161p (my impression from previous chart reading, this 160-161p is resistance). Now it is 165p. If sp is higher than 165p, then downtrend is over. Pls correct me if I understand wrong.

Yes, could be forming a 5th wave up from the 126p low. Downtrend resistance (from the 228p high) is at 165p today and there are 3 active P&F targets all within 0.5p of 165p. If it makes 165p then we should be good to go long on the retrace at c. 141/3p (61.8% Fib):



dl.dropboxusercontent.com/u/20815047/FTS...GKPdaily30_05_13.gif