GKP

I think we probably all saw the 123-low breakout but we're so sick of this share and false hopes that nobody wanted to put the jinx on it lol!

The things about 123-low patterns is that they look the same as ABC corrections until you get a 5th wave up. Which one is this?

As far as I can see there was no bullish RSI divergence at 161p (there doesn't have to be one) and the volume at that level wasn't great so I'm with diver on this - I want to see a convincing break and hold above 204p before I start to believe. I'm not the Fox Mulder of GKP any more

PS re the car - just be thankful you didn't have to buy one over here....!!!

Im surprised that no one mentioned the 123 low breakout we had yesterday
Thats the first time we have had one since last july. Could this be the bottom?????
Look to go long on any back test with a stop possibly below the 2 point at 172.





i would have mentioned this yesterday but have been busy trying to buy a Car for the past few days. Ive bought one Now and now i was gonna sell my other car but have lost my log book Its been a stressful week trying to purchase a car .

anyway

GKP is looking good

DYOR

dl.dropbox.com/u/40497882/GKP_diamondv2.JPG

Im targeting about 100+ pips in the interim, if this is true breakout, 203 needs to be taken out convincingly and be able to hold for more than a day.

screencast.com/t/BQlbCsksszNA




Well, as you can see from the chart prices followed my prediction to the letter until yesterday. This was no doubt because of the news Genel shipped a little oil via Turkey. We will see if this is a permanent change of course or just a blip. The pivot point here will be 203. As long as we stay below this level I remain bearish. A concerted move above will mean a fresh look at the labelling....

Hmmm, lots of negativity on here whch seems a little odd given the technicals. Positive divergence on MACD and a positive tick. In fact all indicators look pretty good to me. Maybe some missed the entry point.

Last time the sp hit the long term support line was 29/6 and before that 4/8/11 and both provided sizeable multi day bounces.

Well I guess the fiscal cliff will decide how the year ends and begins but if tonights session is positive IMO we are looking to test 203 and 206 at minimum in coming days. If not 162 is a bottom in any case for me not to be revisited.

F4T

GKP looks to have completed an impulsive 5 wave move downwards from it's high of 260ish. Perhaps we will see an ABC against the downtrend before a further move down.