Gulf Keystone Petroleum Price: GKP Forms a Base, Tends to Consolidation

PUBLISHED: 03 Aug 2023 @ 18:59 | Comments (0) | More info about Azeez Mustapha

Over the past couple of months, there have been long-holding sessions in the valuation of the Gulf Keystone Petroleum Ltd. share (LSE:GKP), showing that the price forms a base and is tending to consolidate around a lower-trading spot ahead of a rebound.

A gradual closure of the selling force has occurred to formulate a trade guide principle for investors and long-position takers toward letting them prepare for comebacks. At this point, it would be unhealthy for selling activities to continue, even though a line of resistance or rejection might still attempt to surface between the points of 135 and 125.

Resistance Levels: 135, 145, 165
Support Levels: 110, 100, 90

Will there be any support below 110 beneath the EMAs for the price of GKP Ltd.?
A significant lower-trading point has been achieved in the way that bears have pushed in the business activities of the Gulf Keystone Petroleum Ltd. price, as we have seen it form a base with a tendency of consolidation.

Underneath the 50-day EMA trend line is the 15-day EMA trend line. Additionally, the development of a series of candlesticks has shown likely indicators on which buyers should rely. The stochastic oscillators have shifted southward and are attempting to enter the oversold area. A trade candlestick that indicates a negative expectation of further declines must develop in opposition to the smaller moving average in order to provide a good long-term order entry signal.

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