Gulf Keystone Petroleum Price: GKP Forms a Channel, Keeps a Rise Index

PUBLISHED: 24 Apr 2024 @ 03:25 | Comments (0) | More info about Azeez Mustapha

Some series of variant ups have been featured in the exchange lines of Gulf Keystone Petroleum Ltd. (LSE:GKP), as the stock market forms a bullish channel, keeping a rise index.

The price is currently trading between points 113 and 109, as indicated by a northward cross that has formed between the moving averages. And that shows the areas where the market is presently having a pause. Bears will need to apply more pressure in order to fearfully breach the support line at 100 if the forces that created that level tend to get weaker. If that proves not to be the case, the movements can surge past the 130 resistance level and reach higher levels.

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

By now, should investors be anticipating free fall-offs against the GKP Ltd. stock at its EMAs?
We do not envisage witnessing quick declines in the activities of Gulf Keystone Petroleum Ltd. soon, given that the market currently forms a bullish channel, considerably keeping a rise index.

The 50-day EMA trend line has been observed to have been intercepted by the 15-day MA trend line, indicating that buyers are benefiting from the price moves on the candlesticks. The stochastic oscillators are showing signs of veering into the overbought area, suggesting that increasing speeds are getting close to a point where they might temporarily halt before continuing on with the subsequent rounds of direction.

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