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Gulf Keystone (GKP): Repeat Of Bullish January Set Up For March

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Gulf Keystone (GKP): Repeat of Initial 2013  Bear Trap Targets Towards 240p Again

Although technical analysis or at least charting is supposed to be based in part on the notion of history repeating itself, you do not actually see many chartists taking advantage of this idea. The reason for mentioning this idea now in the wake of the latest rebound for Gulf Keystone is that we have just been treated to a one day bear trap from below a November uptrend line on the daily chart at 185p. This echoes almost exactly an intraday bear trap below the then position of the November line at 175p at the start of January.

After the January trap it took three days of consolidation before a sharp 10% plus rally for the stock over the following week. Well, we have had the bear trap and two days of consolidation so far, something which suggests that Gulf could spike strongly from Thursday 7th March if history repeats itself. The target while there is no break back below the present position of the November trend line is as high as the top of the four month rising trend channel at 240p over the next 4-6 weeks.

Read analysis on Gulf Keystone and other leading AIM stocks in Zak’s Amazon eBook bestseller, Lessons From The Financial Markets For 2013 by clicking here

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