GKP

Thanks WaveSurfer.
Appreciate your help as always

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

Judgement day - as early as tom or by end of week possible.

if gkp does not turn back up from here by tomorrow, then i'm expecting a drop to at least the lows of august and more than likely take it out and start hunting for a new low.

i'm more inclined to think if it does drop, then it wont be a drip drip drop, it would be again in the magnitude of the drop that made a lower low in august ( big red candle 10-20 pips approx, then once that happens think the market will start to find the low - and it's so close to doing it.

no change in my view and price area to watch remain the same as per previous few posts, just thought i'd mention what i see as of today close.

All the Best WS

to follow up with a chart - coincidence or what ? price (32days in 8 to go) and time ?

need to start turning up & taking out previous high low to start with to invalidate



dl.dropboxusercontent.com/u/40497882/GKP%20Daily%2024Spet14.PNG



WS

great stuff - thanks for this WS!

Cheers WS.
It was an odd close yesterday. Traded below 70p all day and looked certain to complete the three outside down formation, then a pop at the close to form a hammer. Today's open at 68.25 reset the bar.

My falling wedge support is now below 61 and going lower every day. No pressure on RSI yet and volumes still poor. Not long now.......

uk.advfn.com/p.php?pid=chartscreenshotsh...qJ4k=&symbol=L%5EGKP