GKP

SRB,

As far as notation is concerned it could be the very start of either wave C or wave 3, but really only time will tell.

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

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

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.

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.

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