Gulf Keystone Petroleum Price: GKP Puts in a Reversal, Contending for a Base Value

PUBLISHED: 08 Dec 2024 @ 07:21 | Comments (0) | More info about Azeez Mustapha

There has been a decline force leading to a loss of momentum in the pushing weight of bulls, given that the market of Gulf Keystone Petroleum Ltd (LSE:GKP) now puts in a reversal pattern, contending for a base value.

An oversold situation has been seen, indicating that buyers may soon be able to garner the catalyst to build back toward the primary crucial support point, which is anticipated to be around 135. And it is located just below the trend line of the smaller moving average. All long-position movers need to do is watch for a small bounce so they can quickly jump on it.

Resistance Levels: 155, 160, 165
Support Levels: 130, 125, 120

With the positioning postures of the indicators at this time, which direction should the GKP Ltd. market traders now focus their execution myth?
The reversal pace in the Gulf Keystone Petroleum Ltd stock, appears not extending forcibly further against the underlying support at 130 in the long run being observed as the secondary spot, given that the price currently puts in a reversal pattern, contending for a base value.

At the top of the 50-day EMA trend line is the 15-day EMA trend line. Based on the larger moving average indicator, a bearish candlestick is developing. The oversold area has been entered by the stochastic oscillators. That demonstrates that there are often not strong forces to significantly consolidate successive downturn pushes.

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

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.