GKP

Hi Trendfriend,

my post was to highlight the potential trendline break and RSI being at resistance, which are key in determining the short term direction of the SP. As I noted, IF both these fall then it IS a bullish combination and I would then expect the sma 20 & 50 to also fall. The positive divergences are bullish already as is the bullish harami on the weekly. A falling wedge is also more bullish than bearish. But of course nothing is conclusive. This has been in a downtrend since 450 and anything can happen. A trend is always more likely to continue than change, but trends do change.

I just quote the indicators and remain flexible and not rigid in my outlook or interpretations.

This week will indeed be interesting and I am monitoring all the above, but particularly the RSI.

Regards
F4T

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I have a potential/imminent breakout on the daily. SP is leading RSI, so will watch the RSI next week for confirmation. Nice positive divergence on MACD.
If it follows through it should also conquer the 50sma. 109 would be the next target followed by the gap at 140/143.

Support at 80 (trendline) and horizontal at 72 and 64.

uk.advfn.com/p.php?pid=chartscreenshotsh...7w%3D&symbol=L%5EGKP

Trendline resistance already broken on weekly, which trumps the daily.

Monday should be interesting.

F4T

dl.dropboxusercontent.com/u/7238706/Gulf...20Ltd%20%281H%29.png
Whilst this is attempting to dig itself from the trough of 72, the current formation could well be a flat until recent highs at 87 > 89 are broken on close. If the current formation carries on to close between 100 > 127.20% then we have a bullish scenario.

One indication worthy of note was the very bullish divergence of the RSI on the daily chart during the drop from 103 > 72.

As Remo keeps saying, patience is the requisite with this share.

Theres no bullishness in gkp until it clears 110.
This is going sideways currently so that trend line break is not really valid. If it was the real deal it would have exploded out . You have to be careful with this share.
Best to wait for a clear defined 123 low or atleast clear 110 before considering jumping on board the gkp train.


dl.dropboxusercontent.com/u/4899609/gkp23rdjune2014.png

Quite right Remo, but when you get a bullish run of candlesticks and a shooting star like candlestick at the top of that run it represents the same trading activity as if it were at a top.

Interesting take Food4thought.

I'm not as quite bullish as you are on this. Although i hope your right, indeed you may well be!
The trendline break, and the break of 85p as well as the bullish divergence on the RSI, look very positive.
However i think this could quite possibly come back to the descending trendline, as the negatives outweigh the positives on this IMHO.

This has been below the 20 and 50 day ave's for some time, and failed on Friday (again) at the 20 day. The RSI is also at resistance, and lets rememeber the mid/long term set up is Bearish.
The recent move up, altough positive, doesn't seem to have strong Momentum behind it IMHO. As the break above 85p failed to produce a big move up.

i don't have a postion here at the moment, i intend to enter above the 50 day average at 92p, or at the descending trendline currently around 70p.

Lets see how she goes during this week.
This is the link.
uk.advfn.com/p.php?pid=chartscreenshotsh...KU%3D&symbol=L%5EGKP

Regards,
Trendfriend.

Shooting stars come at the top of a trend and not at the bottom

xWoody wrote: Hey F4T,

Doesn't a Shooting Star require a dark body?

Cheers
Woody