GKP

TF,

the difference between the two examples on your chart is that the current formation has back tested and failed at a previous support (42.25 area).

That is 2 tests on 36./36.50 area now. Next test and it should fail. Let's see.

Livenow, what is the significance of 41.50? Ta.

If I am correct, the next lower point for a modest bounce is 29, the weekly support.

F4T

Trendfriend wrote: uk.advfn.com/p.php?pid=chartscreenshotsh...LGYE=&symbol=L%5EAFR

I'm gonna go long @36.5p... tight stop...
Scalp only as the trend is still very much Dowwwnnnn.....

Looking for a small bounce and out...

Regards,
trendfriend

Yes there might be a bounce and test of 41.5p from 36p . if that test fails then this will be going down like lead balloon.

uk.advfn.com/p.php?pid=chartscreenshotsh...LGYE=&symbol=L%5EAFR

I'm gonna go long @36.5p... tight stop...
Scalp only as the trend is still very much Dowwwnnnn.....

Looking for a small bounce and out...

Regards,
trendfriend

How glad am i to be out of GKP for a long time now. Will wait for 25-30 which seems to be the technical low of the triangle breakdown in Dec 2014. But then there is an even lower target of 10-15p which is entirely possible if the financing is as rubbish as the previous round.

The 1 will find itself. Until we have that low followed by a higher low there isn't a great deal to be achieved by second guessing the market. Let the market show you.

Looking at the chart I'd say, as others have, the 30p level could be a good entry but I'm going to play it safe and wait for the turnaround rather than jumping in.



dl.dropboxusercontent.com/u/24866576/Feb...2015.02.13%20GKP.png

Of course Sir Richard - another 'doh' moment for me then!

Thank you for the courtesy of the response.

Best,

EGH