GKP

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.

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

Can someone please help and overlay the GKP sp chart for the same period (01/07/12 to current ) on the chart below. I haven't a clue how to do it but I figured we have some experts on board here that might.Thanks in anticipation.

www.efinancialnews.com/get-data-explorer...om/DxlApi/Chart.aspx

uk.advfn.com/p.php?pid=chartscreenshotsh...QaVg5dPMuuZcnfMrw%3D

RSI resistance held the other day. Now in a very tight corner!

This has had a good rise and looks to have broken a short term trendline, normally quite bullish, however the RSI, is again at resistance, and those moving averages, seem to acting like the great wall of China
Seems like a bull trap IMHO.

This is coming straight back down IMHO, but would be happy to be wrong and see it continue upwards.

This is the link.

uk.advfn.com/p.php?pid=chartscreenshotsh...WWPEK4=&symbol=L^GKP

Regards,
Trendfriend.

RSI usually leads a breakout, but if you are right, this would be the second time that SP has lead and RSI failed. Unusual. I also use the sma's, which as you say are proving stern resistance.

SP has nowhere to go but up or down as falling wedge is now broken. A close above 89 would signal continuation for the bulls and a close below 80 will give the bears the upper hand.

The share lacks any firm direction over the past 2 weeks and this may continue with a downside bias IMO.

F4T