GKP

uk.advfn.com/p.php?pid=chartscreenshotsh...gA%3D&symbol=L%5EGKP

Nothing new here really, just an update.

We finally got the bounce off the red support line and a retest of 73.75 on Friday. Nothing happening with RSI. Volume increased a little with the dip to 69 suggesting that interest will be piqued below that level but the bounce was half hearted.

I still expect the SP to reach the falling wedge support over the next week or so. First target is still the 63p area but will monitor RSI and volume to judge a bottom. There might be room in the apex for a further bounce before further lows.

Despite my love of falling wedges I think it sensible to target the higher gap at 53.75/58 because this stock tends to push intraday to test lower levels, much the same as 64.50 became 61 recently. Might even get to 50 but IMO we are unlikley to see the lower gap unless fundamentals dictate. There will be quite a few stop losses placed in the 59/60 area to give it a final push and panic IMO.

To the upside above 73.75 we have quite strong resistance in the 77-78.50 area with the ma's combined with the top of the recent trading range. Above that the minuscule gap at 81.75 and then 90.

We are at a breakout point currently, so this is a possibility this week but my feeling is that there is too much opportunity to test the lows. Until this happens traders will not be satisfied and thus there is little chance of an end to the long down trend until that happens.

I do have a slight bearish bias , so make your own choices and GL with them.

F4T

Thanks WaveSurfer.
Appreciate your help as always

correct

uk.advfn.com/p.php?pid=chartscreenshotsh...O0%3D&symbol=L%5EGKP
Just looking the gap numbers on this from way back in 2010
i would appreciate if someone can please double check the gaps, and the prices of the gaps are correct on my chart.
I use ADVFN!! lol

Regards,
trendfriend.

Yep, we still agree WS.

73.75 went at third test but it took some time. Not much interest with the pitiful volume of late. IMO volume will only come in the mid/low 60's as this is the new bottom marker. Only then is a trade in play.

i sense a quick slam coming similar to early august action, once 73 breaks ( enter into the "redZone", final flush) either retest of lows or lower low are coming...but it will also enter BTFD zone too.




dl.dropboxusercontent.com/u/40497882/Gul...y%20_17%20Sept14.PNG

rgds WS