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Since there has been a northward interception between the moving averages during operations that occurred between March and April, the stock of Gulf Keystone Petroleum Ltd. (LSE:GKP) has been witnessing a bullish trend, keeping pushes slow as the price averages the resistance line of 160.
Examining the bottom of the trend, it shows that a base has developed around the 100 line. In order to provide favorable entry for the shareholders of GKP Ltd., positions for buying orders have been obtained through the use of the smaller moving average indicator. As things stand, the rising path’s validity can be maintained without breaking the primary underlying trading line of 120.
Resistance Levels: 160, 170, 180
Support Levels: 125, 120, 115
Would a pullback against the EMAs in the shares of GKP Ltd. herald a resurgence of the bear market?
If several rejections are made around or below the resistance line of 160 in the long-term running mode, Gulf Keystone Petroleum Ltd.’s price will potentially open to a decline, given that the stock market presently sees a bullish trend, keeping pushing slowly.
The 15-day EMA indicator has been placed northbound above the trend line of the 50-day EMA indicator, suggesting that buying pressures have been prevailing over a couple of cycles. The stochastic oscillators are tentatively turning southbound to touch the line of 40. That calls for caution against launching fresh buy orders.
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