GKP - Everyone's favourite

Hi all,

everyone loves GKP don't they?

uk.advfn.com/p.php?pid=chartscreenshot&u...P1b%2F%2BedZ6XTofxE5

Well, the chart on balance looks weak IMO. We are below all main moving averages and have a bearish cross in progress as MA20 disects the MA50. We are also about to backtest a trendline break (circled). 204 is building strength as resistance, a crucial area in terms of fibs. First minor trendline support (red) at 193, then 182 and 169 before we hit the long term (magenta) trendline from 2009 at ~158.

On the plus side there is a descending wedge (red) which is more bullish than bearish and a positive RSI breakout, though if this is to backtest it will do so at a lower level.

This being GKP and bearing in mind the court case and general markets about to roll over, we are sure to hit the long term magenta trendline in the near future aren't we? Well, that is where my money sits waiting patiently.

F4T