GKP

remo,
Thanks as ever for your views.
Hopefully not too dumb a question here, but of the 123 formation I can clearly see the '2' is last week's 42/3, but what is your '1' SP at the moment? For that are you going right back to the mid-80s high seen in mid-to-late August 14 and waiting for the SP to clear that level before going long??
Many thanks and best regards to all,
Mike

until we get a higher high,,ie,,,123 low formation then you cant say the down trend is over.
correction are all part of trading and by waiting for the 123 low formation to form you are cutting down the risk.Very effective way of not catching a falling knife.
If gkp respects the new resistances then thats your warning of possible lower prices to follow.It has to break above the resistances and create new supports.
Just keep it simple with gkp for the moment . You will know when the down trend is over.Higher highs will form. Until then be cautious.

The links aren't working for me unfortunately.

I guess we are now looking for confirmation of the 1-2-3 low? Hopefully we are at the end of the down trend.

Hi all,

in preparation for this week I have re-done all my charts since we now have a confirmed bullish harami on the daily. First resistance of 54.25 held nicely on Friday. My aim here is to show key price points on the way up assuming the rise continues. I won't go into supports since these have been discussed to death down to 10p. IMO general markets in Europe should remain bullish on Monday but there is still uncertainty whether this will continue or not. That is the caveat.

Monthly:
uk.advfn.com/p.php?pid=chartscreenshotsh...Os%3D&symbol=A%5EAPT

Month not finished so bear this in mind. I drew fibs from the last two swing highs, 116.75 and 240.
The price points are clear and confirmed by at least two indicators each, so I won't elaborate; 60/61, 88/89 and 117/118. 60/61 is also the breakout point from the falling wedge.
RSI at support and in the apex.

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

Nice volume the past two weeks. This indicated a bottom was near or had been reached in the low 40's.
Bullish divergence on MACD and RSI.
Breakout point from falling wedge at 60/61 is a convergence of three trendlines, so this area is strong resistance.
20week sma at 78.50.

Daily:
uk.advfn.com/p.php?pid=chartscreenshotsh...He88=&symbol=A%5EAPT

Breakout point from falling wedge is 60/61.
20 sma is at 59
Larger falling wedge (red) crosses 89/90 area towards the end of October.

That's all on this.
F4T

Impressive call again F4T.

Thank you for posting your thoughts and well done.

Let's see what happens over the next week or two. IMO we are at a good entry point, but it is always risky trying to call a bottom before a reversal is confirmed, short term or otherwise. 42/43 gives 16/19% on a retest of 50 - that is my maths. A good return for a little patience.

Of course if you stay out then there is no risk of losing capital, and that is always a good philosophy in turbulent times.

I am not suggesting others follow.

GL all.
F4T