Gulf Keystone Petroleum Price: GKP Bears to Converge, Settling for a Fall

PUBLISHED: 12 Jun 2023 @ 09:01 | Comments (0) | More info about Azeez Mustapha

Bears in the Gulf Keystone Petroleum Ltd shareholding company (LSE:GKP) may soon converge, settling for a fall below the resistance line of 150. The marketers appear to be reforming themselves to establish a pattern that will allow purchasing cycles to resume in full force. Selling activity positions need to be protected by a protective mechanism against unforeseen upsurges while that psychological assumption is under consideration. Shorting positions should therefore be cautious when considering initial orders.

Resistance Levels: 150, 160, 170
Support Levels: 120, 115, 110

How does the GKP Ltd. trade concerning the EMA trend lines?
In the meantime, the Gulf Keystone Petroleum Ltd price will be run by bears for a while in a convergence, settling for a fall before making a rebound that might cause the EMA trend lines to cross each other northward. And that will be a confirmation of a bullish trend resumption. The 14-day SMA is at 137.50, beneath the 147.3169 value of the 50-day SMA. The Stochastic Oscillators are positioned southbound from the overbought to the 60. That indicates that a certain amount of falling times may manifest in a mild manic way.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.