Gulf Keystone Petroleum Price: GKP Sets for a Drop, Decompressing Below 130

PUBLISHED: 23 Oct 2023 @ 15:07 | Comments (0) | More info about Azeez Mustapha

The Gulf Keystone Petroleum Ltd. shares providing firm (LSE:GKP) are currently set for a drop, decompressing below the resistance line of 130.

In an effort to undo some of the market’s gains above the previous crucial support line of 80, a breach down of points between 120 and 112 may allow new lows to form below those values. In contrast to that presumption, bulls need to have a strong grip on the larger moving average’s trend line, which is placed at or near 111.

Resistance Levels: 130, 140, 150
Support Levels: 100, 90, 80s

Is it currently plausible that the GKP Ltd. stock would subsequently fall across its EMAs?
As it has been demonstrated over a number of sessions, the GKP Ltd. shares market is likely to hold underneath the trade zones of 130 and 140 further for sometimes, as the price has been set below them, decompressing systemically.

Since the 15-day EMA is above the 50-day EMA, there has been a brief line of northward-crossing mode between the smaller and larger indicators. The candlesticks that are forming show that less upward pressure has been generated for buyers to break through further overhead barriers, and the stochastic oscillators have been moving in the overbought range.

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