GKP

EarlGrey, not sure what your question was tbh. A close above 72.25 is a close above 72.25 and a close above any resistance is usually positive. Not yesterday obviously.

Hi Folks, been a few days since i had a look at this.

Here's some new charts and a summary. i don't have any positions here ATM, and i intend to side step this for the time being. Below is my thoughts, based on what i see, no emotions or bias included lol

This bounced of the bottom of down trend channel at 61p, wish i spotted and traded that!
This is a chart, going back to July 2013.
This shows the downside target of 50/53p as soon as early Oct.
lets remember, we have a gap at around 53p. Just Coincidence?? i think not!
For the upside this could test the top of the channel at around 100p, and still be firmly in down trend.
uk.advfn.com/p.php?pid=chartscreenshotsh...is%3D&symbol=L%5EGKP

This is a close up chart. Note how similar the rise and subsequent sell off is from this rise, and the one in early July!
uk.advfn.com/p.php?pid=chartscreenshotsh...wOqs=&symbol=L%5EGKP

Like i suggest this is best left alone, if one can't resist going long, wait for a break of the 20 day at around 79p, as this could provide the strength for the push to 100p area.
However i feel this is unlikely, and from a technical perspective this very bearish.

In summary, IMHO keep clear of this, it's not looking good, i expect this to slowly make it's way down to low 50's over the coming weeks. I like to bottom fish, but this just does not have risk/reward for me ATM. i will see where we are in a week or two, or if we hit 53p. It is very possible we could go lower than 53p, the down trend could just keep going.

F4T, Yep, i'm still bearish on this.

Good luck however you play this, it's certainly not for the faint hearted
Sorry if people wanted a more bullish view here, but this is honestly what i see.

Best Regards,
trendfriend.

F4T,

Thanks for the response and apologies if my Q seemed a bit stupid and/or poorly put. It just occurred to me that a close above a certain key level might have more 'meat on the bone' as it were if it had been mirrored in the trading range immediately prior to close rather than 'pumped up' in the after close auction.

EG,

don't know the answer to that one but the close is always more important than the range.

TS,

I was wondering why you are not shorting given your extreme bearish view?

Cheers
F4T

This surprised me today, as i was expecting it to continue lower.

There's a potential long entry here imo at around 75.5/76p
uk.advfn.com/p.php?pid=chartscreenshotsh...xnuk=&symbol=L%5EGKP

This is a close up.
uk.advfn.com/p.php?pid=chartscreenshotsh...34%3D&symbol=L%5EGKP

A move above 75.5/76p would be a mini 1,2, 3 low formation.
It would break above the 15 day EMA. (@76.2p currently), this has been barrier for a while now.
If we also have a RSI move back above the Mid March support line, it would be the first positive move here since the last spike up.

stop would need to be below the 2 @ 67p, so from R/reward point of view not brillaint.
Lets see how it goes tommorow and the coiming days, as its important not to jump the gun and wait for levels to be cleared.
My preference is still for this slide lower imho, but one must trade what we see, and i'd be happy to change my mind!!
ATB,
Trendfriend.

Nothing wrong with changing your mind TF.

Progressing nicely. We are now in the apex of an ascending triangle. Breakout from here will bust the ma20 and IMO take us to ma50 minimum at ~84/85 which is also a trendline resistance (bold blue) on my chart.

RSI looks like breaking back through resistance as SP breaks above lower trendline (blue).

uk.advfn.com/p.php?pid=chartscreenshotsh...yC30=&symbol=L%5EGKP

Remember the falling wedge on the weekly. Breakout point there (weekly trumps daily) is in the 90 area, so possibility of a double breakout on the horizon.

GL
F4T