GKP

Hi F4T,

Do you using the ADVFN charts for your trading or is that just for illustration purposes?

Thanks
Amo

time for another look at this.

A simple chart, clearly showing how the 15 and 20 moving averages are a barrier here.
If a stock is unable to break even the 15 and 20 day moving ave's, there's nothing bullish about it at all.
uk.advfn.com/p.php?pid=chartscreenshotsh...RGBA=&symbol=L%5EGKP

We do have a bullsh falling wedge in play, normally you would lean towards the bullish side with this formation, but this is GKP. It has not respected any bullish technical patterns since the heady heights of £4+


F4T, yes agreed, nothing wrong with changing my mind, only i'am some way off actually doing that!!
Regards,
trendfriend

Nothing wrong with changing your mind TF.

Progressing nicely. We are now in the apex of an ascending triangle. Breakout from here will bust the ma20 and IMO take us to ma50 minimum at ~84/85 which is also a trendline resistance (bold blue) on my chart.

RSI looks like breaking back through resistance as SP breaks above lower trendline (blue).

uk.advfn.com/p.php?pid=chartscreenshotsh...yC30=&symbol=L%5EGKP

Remember the falling wedge on the weekly. Breakout point there (weekly trumps daily) is in the 90 area, so possibility of a double breakout on the horizon.

GL
F4T

This surprised me today, as i was expecting it to continue lower.

There's a potential long entry here imo at around 75.5/76p
uk.advfn.com/p.php?pid=chartscreenshotsh...xnuk=&symbol=L%5EGKP

This is a close up.
uk.advfn.com/p.php?pid=chartscreenshotsh...34%3D&symbol=L%5EGKP

A move above 75.5/76p would be a mini 1,2, 3 low formation.
It would break above the 15 day EMA. (@76.2p currently), this has been barrier for a while now.
If we also have a RSI move back above the Mid March support line, it would be the first positive move here since the last spike up.

stop would need to be below the 2 @ 67p, so from R/reward point of view not brillaint.
Lets see how it goes tommorow and the coiming days, as its important not to jump the gun and wait for levels to be cleared.
My preference is still for this slide lower imho, but one must trade what we see, and i'd be happy to change my mind!!
ATB,
Trendfriend.

EG,

don't know the answer to that one but the close is always more important than the range.

TS,

I was wondering why you are not shorting given your extreme bearish view?

Cheers
F4T

F4T,

Thanks for the response and apologies if my Q seemed a bit stupid and/or poorly put. It just occurred to me that a close above a certain key level might have more 'meat on the bone' as it were if it had been mirrored in the trading range immediately prior to close rather than 'pumped up' in the after close auction.