GKP

Closed 63 on the nose and majority of today's daily candle lies above both oblique supports (major and minor) so got my fingers crossed that this is not a break of these supports and SP may bounce from here tomorrow (though not so confident it will, GKP often surprises). TF Although I'm sure your interpretation of RSI trendline break is probably correct I have taken a small liberty and re-drawn it so it hasn't broken out yet

I guess tomorrow will be a telling day ')
screencast.com/t/0fQkjJyjLt4r

Nice chart Count... i like that RSI!!

uk.advfn.com/p.php?pid=chartscreenshotsh...7s%3D&symbol=L%5EGKP
I was tempted with this today, it came to the area i was looking for, but i did not buy today:unsure:
firstly, crude keeps making new lows.
secondly this made a lower high at 81p, and i'm thinking its going to make a lower low(56p area??) before bouncing.
I was watching the 50 ema @ 84.5p area, and it closed below this.
Buying the dips here has served me well over the last couple of months, but this time i'm going to wait and see if we can get a close above the 50 day, before buying...

All bullish stocks get back above the 50 day moving ave, so lets see what happens..

Regards,
Trendfriend.

We had a beautiful shooting star on 3/12 but it was the lower low on 1/12 that set the tone for the recent fall. 3/12 set a lower high to go with the (now) two lower lows. Key supports were 64 and 58.50 which fell without resistance, the latter very decisively yesterday. A break of the 61.8% fib points to a 100% retrace.

Today we bounced on the next support of 50.25 and this is of course now a key level.

Regarding crude, everyone was talking about possibly of $60 for WTI when OPEC stood firm, and that is where we are now. I had thus waited and thought that this level might find support so we will see. FOr E&P companies, the key is not in TA it is in which ones have high finding and lifting costs and thus a high b/e on crude. This is why Afren has been pulverised. We know that GKP's finding costs are very high (high DD&A) but what about lifting? Heavy crude, sulphur and trucking tell me they are not great. Does anybody have this number?

We will see a new bottom here if crude prices don't settle, but I certainly see 50.25 being pierced. If we close below then it's a quick descent to 42.25. Trendline support is at ~44.50 but I wouldn't count on that.

It is not a time to buy or trade until crude finds a bottom.

F4T

Thanks Ian.

Would you buy if the price reached 42p or not even then?

No point unless crude has bottomed.

This is the charts of crude light oil,
This is just heading towards its normal trading area so people should not be shocked by this.
Hopefully petrol prices should come down at the pumps to help out everyone even thou its all tax.
Its funny how prices at pumps drop so slowly yet when crude rises it moves fast at the pumps.
i remember when crude broke 100 dollars a barrel and price of a liter of petrol moved above £1 a liter. now its at 50 dollars a barrel and price of fuel is at £1.20 a liter so its obvious we are all getting robbed at the pumps by the governments.


weekly chart

dl.dropboxusercontent.com/u/4899609/crude15thdec2014.png

daily chart

dl.dropboxusercontent.com/u/4899609/crude15thdec2014daily.png