Gulf Keystone Petroleum Price: GKP Sees Bullish Momentum, Facing a Retrace

PUBLISHED: 26 Jan 2025 @ 04:34 | Comments (0) | More info about Azeez Mustapha

It has been steadily demonstrated that the stock market of Gulf Keystone Petroleum Ltd (LSE:GKP) sees bullish momentum, as the trend is equally tending a retrace slightly past 160.

While the moving averages point toward a bullish market, the stochastic oscillators’ current positioning suggests that the price may experience a brief pullback before continuing its upward journey. Traders should watch for any signs of stabilization or reversal near key support zones. If the stochastic oscillators begin to turn back upwards, it could signal that the short-term pullback is over and that the bullish trend may resume.

Resistance Levels: 180, 190, 200
Support Levels: 140, 135, 130

Should bears in the GKP Ltd. market remain tight to the EMAs’ downward in order to average the 140 underlying support?

Playing alongside the pace of the downward pushes against the trend lines of the moving averages appears not to be sustainable in the long-term running style, given that the Gulf Keystone Petroleum Ltd stock firm sees bullish momentum, facing a retrace at this time.

At the top of the 50-day is the 15-day EMA. Additionally, they both show a northward tendency, indicating a positive tilt in the market. This upward trend is encouraging as it suggests that buyers are in control and that market sentiment is generally favorable. It’s crucial to see if the price can sustain its pace and overcome resistance levels, though. However, the stochastic oscillators are moving slightly southward, indicating that they are fading. This can indicate an upward turnaround or a brief period of consolidation. A positive continuation may follow if the oscillators begin to trend upward once more, which would indicate that the selling pressure is abating. Traders should monitor this development.

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