FKP - FKP Property Group

[GreatPig]

A possible double bottom forming here?

GP

[RichKid]

A possible double bottom forming here?

GP

Maybe a bottom or retracement pausing at support, prefer the latter view atm, need a long term graph for confirmation imo and some time to see if this second 'bottom' forms correctly. About to resume the downtrend or time for some sideways action?

That reversal in May looks like an inverted H&S which has broken through and then the trend reversal failed.

[GreatPig]

Looking more like a double bottom now.

Cheers,
GP

[I hold]

[RichKid]

Looking more like a double bottom now.

Cheers,
GP

[I hold]

Yes, especially if it breaks through 3.40 tomorrow, that candle from last week with the very long shadow suggests lower prices have been rejected quite firmly.

[Julia]

Rich,

For those of us who are technically illiterate, could you translate your last posts? What does this actually mean to you in terms of possible forthcoming SP?

My apologies for being so ignorant.

With thanks

Julia

[GreatPig]

Julia,

My interpretation of what Rich is saying is that the recent bar with a long tail (ie. a low significantly below both the open and close) suggests that the crowd pushed prices right down during the day, but the institutions, who supposedly tend to trade late in the day, forced it back up at the end of the day, effectively rejecting the crowd's lower pricing. Anyway, I've heard that theory mentioned .

Long tails like this can also be caused by automated stop-losses being triggered, as was probably the case back in late March, but price action around this later time doesn't seem to me consistent with that happening (of course that's just a guess).

Cheers,
GP

[RichKid]

Rich,

For those of us who are technically illiterate, could you translate your last posts? What does this actually mean to you in terms of possible forthcoming SP?

My apologies for being so ignorant.

With thanks

Julia

Julia,
I agree generally with GP, although I'm not sure if the buyers are instos (so called 'smart money') or just the bulls (buyers like us). So that candle suggests, in theory, that the bears (sellers) were overwhelmed by the bulls so prices rose and the lower valuation was rejected quite forcefully. If volume was high at the lower prices on that day you could also say that the the majority of the bears were taken out. The bullish story was confirmed in subsequent candles. Do a search for candlesticks in the forums and you'll find more info. It's all just theory, it's hard to know the real reason behind some moves, in TA we don't really care we just trade it as we see it, each of us sees a different thing though.

I referred to 3.40 as it appears to be above a short term resistance level, this could well range between the recent 'bottom' and about 3.32.

[Julia]

Richkid and Great Pig

Thanks to both of you.

Can you continue to comment (in translation) on the progress of this stock as you see it?

With thanks

Julia

[Caliente]

looking like a nice pick so far . 18% rebound off the last bottom.

[GreatPig]

Onward and upward.

Oh the pain, the pain...

GP

[GreatPig]

Starting to head up again? Up another 2.6% this morning to $5.21.

Unfortunately I don't have any spare funds to get back on it right now

Cheers,
GP

[Julia]

Yes, isn't it nice. I doubled my holding about ten days ago.

Julia

[michael_selway]

Yes, isn't it nice. I doubled my holding about ten days ago.

Julia

Wow nice, this stock looks pretty good

it actually turned out to be a double bottom!

[GreatPig]

I managed to dig up some funds in my investment portfolio, and got back in at $5.12.

After which it immediately dropped back to nearly $5 again but has closed at $5.14.

Perhaps I should have waited a few days to see if it will drop back to my new trend line, currently around $4.80, but I know if I did that it would be straight up to $6 (although now that I've bought of course, it will do that...)

Cheers,
GP

[Julia]

I managed to dig up some funds in my investment portfolio, and got back in at $5.12.

After which it immediately dropped back to nearly $5 again but has closed at $5.14.

Perhaps I should have waited a few days to see if it will drop back to my new trend line, currently around $4.80, but I know if I did that it would be straight up to $6 (although now that I've bought of course, it will do that...)

Cheers,
GP

Hi GP

The same thing happened to me. I bought my top up lot at $4.70 and all the next day they were down several cents.

They are building more and more very upmarket retirement villages (actually call them Country Clubs rather than retirement villages) - large house size villas, indoor and outdoor pools, tennis courts, adjacent golf courses, community centre, restaurant, bar, etc etc. This is the sort of place all the cashed up baby boomers will be wanting as a base while they travel in their retirement years.

Julia

[RichKid]

Well folks, I hope GP and Julia made some big dollars out of this one, here's the graph. Noticed a reference to it by Alan Kohler oday (see the General Market Outlook 2006 thread).

[GreatPig]

RichKid,

Got a good return when I bought back down at the double bottom, but am about break-even so far on the last purchase back in December.

Cheers,
GP

[RichKid]

RichKid,

Got a good return when I bought back down at the double bottom, but am about break-even so far on the last purchase back in December.

Cheers,
GP

If it stays at these new highs it looks like people will pyramid or we may see breakout traders accumulate.

If I'd followed EW more closely at that stage I'd have guessed it was a wave 2 bottom at that second bottom (of the double bottom), so this is wave 5 now.

[Freddy I]

Hi guys,

Ive been looking at FKP for a while now and thought you all may be interested in having a look. For a top 200 company it often has large gap between buyers and sellers and has a fair amount of % daily fluctuation. It is an interesting one to watch.

It announced thismorning that it has just made a further $98m acquisition, however I am unsure what % increase this would represent on its total holdings.

Check it out - its an interesting one to watch.

Cheers

[Jay-684]

Hi guys,

Ive been looking at FKP for a while now and thought you all may be interested in having a look. For a top 200 company it often has large gap between buyers and sellers and has a fair amount of % daily fluctuation. It is an interesting one to watch.

It announced thismorning that it has just made a further $98m acquisition, however I am unsure what % increase this would represent on its total holdings.

I'm no wizard, but I think it was 'around' a 14% increase in Funds Under Management. Note that 14% increase applies only to FKP Funds Management Limited (a branch of FKP Limited).