GKP

I know this going to be contentious so I will ask this quietly but is anyone bearish on GKP in the long term?

The reason I ask is that to me on a weekly basis what is forming is a continuation or symmetrical triangle!?



stockcharts.com/school/doku.php?id=chart...symmetrical_triangle

I know it has got a bit of work to do yet but it is making me very very uneasy. Especially because the weekly P&F has targets down to 56p (which are active) in line with the candle chart if it was to break out to the downside in a couple of months.



Is there a wave count or anything any one can suggest that blows the bear scenario out of the water?!! Please!!

Best wishes
ft

uk.advfn.com/p.php?pid=chartscreenshotsh...hhnY/&symbol=A%5EAPT

Looks almost perfect from a trendline perspective doesn't it? SP downtrend halted by the convergence of the long term rising support line from 2009 (red) and the short term falling channel support (blue).

Add that to the positive divergence on both MACD and Moneyflow and things look rosy, yes?

I am not convinced as there are plenty of negative factors on this chart:

1. Death cross of MA50 below MA200 at a resistance level
2. Engulfing candlestick pattern completed on Thursday
3. And the biggest killer - very poor volume on the turn.

I can't highlight the poor volume over the past few days enough, especially yesterday. Was this distorted by Q1 end portfolio tidying, or lack of it? We should have had the same reaction as we did at 161/162 in late December, a large bounce on good volume from 173/174.

This is the last line of defence because if the SP breaks the red long term support line then it is in no mans land. A break below this mark will leave endless downside possibility.

This needs a volume rise next week or all bets are off.

F4T

This bounced of that trend line beautifully this morning. ( i know only 4 points) but thats what day traders like
If this finishes below 173 then look for a full retrace back down to 160ish or lower as that was an important level for the short term(173).
The main trend line is currently at 149.
If this breaks below the channel(170) then the target also just so happens to be 150ish where that trend line comes into play.
So bottom line is to be patient with this and aim to buy at the 150 level with tight stops .
I personally dont have any shares of GKP. I used to be attached to this baby but decided to throw away the emotions on this.

lol..

no worries mate, I'm glad it worked!

I expect beautiful expanding charts from now on

Ronnie ya a beauty!!!

Mmmmwah!

screencast.com/t/gqSRt2THbaEb



Hi Ronnie,

Getting the url to expand in screencast is a bit messy but, if the link above works, then it's big thank you time

To hell with it ...... it's a big thanks you anyway