My, how selective people can be lol.

Food4Thought wrote:
Hi Skipper.

I will give some commentary here since I am following this retrace and no others have.

See hourly chart:

uk.advfn.com/p.php?pid=chartscreenshotsh...PsJ0z+OJD1xRxndFw08=

This demonstrates the stall at 85. RSI resistance and trendline resistance. We are also in the 61.8% fib area.This is a good sell point IMO.

A good attempt to garner interest with the RNS and it has brought a break of the important 82 level, but given all the above I will expect a retrace to at least 72.25 over the next week. My bet is still a retrace to 64 at minimum. I will test the water there.

Do remember that anything can happen.

Cheers
F4T

---

MY, how the outlook has changed

TA working beautifully here. Nice double breakout yesterday and follow through today. The signs were clear IMO.

Are you still waiting for 110 for bullishness Remo?


PS: Now is the time to be careful and think about profits. Whatever rises quickly often falls quickly. I can't see this closing above 110, in fact 110 is a good sell point IMO.

From I high of 108.50, the 50% retrace is 94 and the 61.8% fib is 90.50, so somewhere in that region to re-enter.

As always though, anything can happen.

F4T

AdeMcG,

For intraday trades you could look to go long on the pull-back, i.e wave ( iv ). Wherever that finishes - certainly not necessarily 91.75....

For anything longer term, this needs to close above 109, IMO. And that might include the wave ( iv ) trade referred to in the first paragraph the way the sp is currently moving

I think it is always to be a closing basis (REMO Correct me if wrong)

Should we wait on a closing basis for 109 or will intra day be enough?

So buy on retest of 91.75p ? If there is one.

Here's the 1 hour chart....


dl.dropboxusercontent.com/u/7238706/Gulf...20Ltd%20%281H%29.png

....the move up from 72 has been fairly predictable: an ABC to 89.00 followed by a pull-back to 61.8% at 78.25; we now look like forming a 5 way move, which may or may not have ended. Wherever it stops expect a wave ( iv ) to make a 23.60 > 38.20% pull-back of wave ( iii ). Wave ( v ) should then head up toward 109, with a bit of luck

ok smallest chart ever looks like this..... T ......As of today i reckon gkp have formed a hammer on the monthly.

Well... not too sure what to make of today. That was extremely bullish to break through resistances and SMAs... didn't see that coming at all. I was quite happily following the TA on this one up until today... it all made sense. Now, I'm a little lost again. Can't see the reason for this rise and can't work out whether we're more likely to see a further rise or retrace tomorrow.

Anyone able to provide any clarity?

Last minor swing high

What's the significance of 89p?

Cheers
Woody

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

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.

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

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

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

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

---

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

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.

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

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.

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.

Shooting stars come at the top of a trend and not at the bottomxWoody wrote:

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

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.

Hey F4T,

Doesn't a Shooting Star require a dark body?

Cheers
Woody


No, the colour is not important.

Diver where are we now please with regard to EWT Waves in your opinion.

Tight Lines

Hey F4T,

Doesn't a Shooting Star require a dark body?

Cheers
Woody

Daily chart.....

dl.dropboxusercontent.com/u/7238706/Gulf...%2819june2014%29.png

.....I still find it amazing to note how well the Fibonacci levels coincide with the supports/resistances, and how well they predict future levels at either the 61.80, 100.00, or 123.60% levels.

Here's the hourly for a look closer in.....

dl.dropboxusercontent.com/u/7238706/Gulf...20Ltd%20%281H%29.png

....see how the bottom at 72.25 was so accurately predicted in both time frames.
I have no idea if yesterday's price of 82.50 was the bottom in the current retrace. Frankly I doubt it, as I think it may well go to 38.20% and, more likely 50.00% before resuming the climb from obscurity

Weekly chart

uk.advfn.com/p.php?pid=chartscreenshotsh...AlU7wWNR44ON9aXfRzk=

shooting start then dark cloud cover on daily.

I have moved my stop up to 83.50p, below today low.

This has failed to continue momentum, and looks like its breaking below and failing to hold the breakout point at 85p.

It could still bounce from here, but i must trade what i see, and not what i hope.
Some of my other holdings have done well today, so don't mind taking a small hit on this.
Regards,
Trendfriend.

Hi guys and girls
Ideally this has to break above the short term trend line for bulls to be in charge


dl.dropboxusercontent.com/u/4899609/gkp8thjune2014.png

Support....72.5,,64
resistance....90(trendline),,,,99,,,107,,,110...

110 is the level gkp has to clear before the bulls can take control...Until that happens just be careful

Went long with a tranche at 86.5 myself. But not greatly encouraged at the moment! But then again patience was never one of my strengths

Weird action on L2 at the moment - loads of small orders on the bid; been like it all week.

Good luck all,

EGH

Would agree Sir Richard, be flexible around 90p area.

This is the first time this has had any kind of real breakout in a long time.
I'am not fully convinced here, despite the breakout.
This will be very news driven, which we have to keep in mind.
This is still in bear mode, although the breakout could mean the lows have been seen for now at least.
Do not fall in love the upside here, take profits,and preserve capital, by moving stops to profit if it hits the 89/90p area, we can always come back again for another day IMHO.

Sorry to chip in but here's mine

Hopefully if the long term T Line is breached then I have initially 92.50 as the target but lets see.

www.screencast.com/t/9wvl5egG


Tight Lines

Many thanks TF.

What's your target price and what are your stops if you don't mind me asking?

Many thanks,

EGH

Ive gone long at 85.50/86p.

123 Low formations are good to golong intraday when broken above, no need to wait for end of day close IMHO.

Best Regards,
Trendfriend.

Trend,

When you say you're going long at 86, are you talking intraday or only upon close at 86?

TIA

Regards (and thanks to you, F4T and all the other guys and gals here),

EGH

Hi Trendfriend,

yes, a breakout from the minor swing high of 85 would be positive, but the 90 area provides a far sterner test of trendline resistance on the daily (see chart). More long term resistance from 450 lies in the gap area of 140.

The chart shows the falling wedge from 6/2012 (more bullish than bearish) and how key the 80/82 area is. Indecision reigns (hence the doji's) due to trendline support and horizontal support at 82.

uk.advfn.com/p.php?pid=chartscreenshotsh...47wnMSvuLIeBWyUbo%3D

Horizontal support below is at 64p, but IMO this needs to happen in the next 2 weeks.

On the bullish side, there is potential for a strong move if the wedge breaks upwards.

F4T

this looks quite interesting today.

Not going against anything Food 4 thought is saying below.

However, we will get what looks like 123 formation on the break 85p.
Don't try to jump the gun here, this is still in Bear mode.

I will go long at 86p (to be safe), if we see this level. stops below the two.
This has potentially loads of upside, so not one to rush into.

uk.advfn.com/p.php?pid=chartscreenshotsh...qHcw%3D&symbol=L^GKP

that's the link, break of 85p the level to watch IMHO.

Regards,
trendfriend.

Hi Skipper.

I will give some commentary here since I am following this retrace and no others have.

See hourly chart:

uk.advfn.com/p.php?pid=chartscreenshotsh...PsJ0z+OJD1xRxndFw08=

This demonstrates the stall at 85. RSI resistance and trendline resistance. We are also in the 61.8% fib area.This is a good sell point IMO.

A good attempt to garner interest with the RNS and it has brought a break of the important 82 level, but given all the above I will expect a retrace to at least 72.25 over the next week. My bet is still a retrace to 64 at minimum. I will test the water there.

Do remember that anything can happen.

Cheers
F4T

Hello stranger

I think it is GKP time again soon. It has been a while. Beautiful trendline / triangle break here, forewarned two days ago when RSI support did the same.

Not a time to go long though, not that I am supporting Bobbono's remarks, which should be ignored as usual.

Anyway, I am looking to the support in the 64p area which is close enough to the asset value in the CPR to give confidence.

A quick chart to illustrate:

uk.advfn.com/p.php?pid=chartscreenshotsh...eQ8+B7xY/WgBWw3faxY=

GL
F$T

Hi Bonobo,what exactly does that statement have to do with charting?
It seems much more like an unsupported and subjective opinion to my eye.
Somehow i managed to thankyou but that was not my intention

I think that anyone putting their money into GKP or GENEL for a quick 10% is very brave given the capitulation that could rapidly unfold if the crisis on the ground isn't quickly neutered.

I've gone long here.

Lets see if the trendline holds

This could hit the bottom of the descending channel, around 78p falling daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...GA%3D&symbol=L%5EGKP

i will go long at the falling trendline(78p level today) for short term trade only. As other indicators look bearish or mixed here.
This could jump 10-15% of the trendline for a quick trade, with tight stops below.

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

Regards,
Trendfriend.

RSI has broken... symmetrical triangle has to break out within the next few sessions too. However there does appear to be a lot of support in the high 80's for this...

Given that the main trendline and support are around 82p, would people wait for these to be broken before shorting, or open a short on the symmetrical triangle break (if it does indeed breakout downwards!)?

Cheers
Woody


https://dl.dropboxusercontent.com/u/102203695/Screenshots/GKP-10-06-14.jpg

Hi Woody, technically, it can't be a hammer as that pattern happens at the end of a down trend. This seems to be a clear sideways move, so no hammer.

Yep, me again! So, by my novice eye, we appear to have a symmetrical triangle, a hammer and a potential 123 low...

I'm still out of this, expecting/looking for further lows, but I'd say a stop buy at 100p might be a good idea, as if it gets there it should have some legs, maybe even challenge 110p... any thoughts from anyone?



https://dl.dropboxusercontent.com/u/102203695/Screenshots/Screenshot%202014-06-02%2017.23.35.png

Also, given the time frame, would this be considered a Symmetrical Triangle?



https://dl.dropboxusercontent.com/u/102203695/Screenshots/GKP%2029-05-14%20%282%29.jpg