GKP

Hi F4T,

Thanks for your views.

I agree with everything you say but, somewhat ironically, I've ended the day feeling less bullish than before whereas you've ended up slightly more bullish lol!

It was an unfortunate day to arrive at a key support so to stay above 187p was quite positive. What we need tomorrow is a strong white candle, preferably on a gap up to form the following bullish reversal pattern: stockcharts.com/school/doku.php?id=chart...inverted_hammer_and_

There was every opportunity for the bears to tank this down today but they didn't. Again, a positive.

It's all about tomorrow now.

Cheers.

Some points of note for GKP as of today:

1. As noted below by remo et al, bounced off 61.8% fib today, but closed barely above it. 1 test so far, so inconclusive but it held well this morning under alot of broad market stress and remained intact for the rest of the day
2. Falling wedge (red) which is more bullish than bearish, though is it about to break to the downside?
3. Increased volume on sp descent shows lows being bought up
4. Rising long tern support currently at 173, some way off
5. Money flow index turning north and showing some divergence
6. MACD divergence on hourly (as detailed earlier by Jackozy)
7. Coiling of the main SMA's. In my experience this tight coiling often precedes a big move.

On balance the chart looks more bullish than bearish. I am in no doubt that a big move is imminent. My gut tells me to wait for 173-175 but the chart now casts some doubt. I have trained myself to always trust the chart

I am going to wait to see if 187 is tested again properly tomorrow. In the mean time I will stick with my 173 bet with Jackozy, though now with some reservations

uk.advfn.com/p.php?pid=chartscreenshot&u...3fKxRQZDmOim%2FAHCPt

uk.advfn.com/p.php?pid=chartscreenshot&u...h7wTeaj0cJeOR8n0szCz

F4T

screencast.com/t/1XJyd5p8HjC

Seems like a fairly smooth progression so far.....
Interesting days indeed.

if it does finish below the 61.8 fib then it could do a full retrace so bear that in mind

This did bounce of perfectly of the 61.8 fib level and break out point this morning.
Obviously the days young but you could have made a nice profit on a first attempt basis from that level at 186.5



dyor

CT79 wrote: Hi Remo/Jackozy

After yesterdays close at 189.75 and now then the DOW finishing like it did, do you see the 187 (61.8%) area having much chance of holding or is the likelihood a visit back to 172 level now looking inevitable?

Thanks
CT79

Seems to be holding up so far CT79

Not a perfect hammer at support on the hourly but not bad. Wait to see where it closes. That's the important factor for today. Needs to close above 187p initially and then a close above 199p should confirm it IMHO.