Monthly Forecast on Gulf Keystone (April 2016)

PUBLISHED: 07 Apr 2016 @ 10:53 | Comments (0) | More info about Azeez Mustapha

Gulf Keystone stock (LSE:GKP) has been under selling pressure for several months. The trend was mostly bearish for the year 2016, and there is no end in sight for the bearishness in the market.

4 EMAs are used for the analysis and color that stands for each EMA is shown at the top left part of the chart. The EMAs used are 10, 20, 50 and 200.

It can be seen that all the EMAs are sloping downwards. The bias on the market is bearish and further bearish movement is expected. It is illogical to open any long trades in the market until the price crosses the EMA 200 to the upside (which is not an easy thing for the bulls to do).

Gulf keystone would remain weak. Any forays into the EMAs 20 and 50 would signal opportunities to sell short at better prices.

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