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It has been over a couple of sessions that bulls in Gulf Keystone Petroleum Ltd. (LSE:GKP) have been pushing highly, aiming for a stop-stop below the resistance line of 130.
But if there’s space for the current purchasing impulse to consolidate through the currently developing bullish candlestick, the resistance level of about 130 won’t be a barrier to additional advances in that direction. However, in the interim, new buyers should proceed with prudence and hold off for a little, as entering the market with high hopes could result in an unhealthy state of trap versus bear.
Resistance Levels: 130, 140, 150
Support Levels: 100, 90, 80
Given that the GKP Ltd. stock is currently pushing higher, what trade pattern is likely to form above the EMAs?
There might soon be a production of converges around or within the resistances from 130, given that the GKP Ltd. shares trade is pushing highly, aiming for a pit stop.
The 50-day EMA trend line has been marginally crossed by the 15-day EMA trend line, pointing northward. The stochastic oscillators have an inclination to move wildly around a few higher points in an erroneous short line of motion that inadvertently falls into the overbought area. That indicates that if a bearish candlestick appears in a short period of time, newly opened longing position orders may see appreciation movements.
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