Gulf Keystone – Where Will Price Now Go?

PUBLISHED: Oct 06 2016 @ 05:35 | Comments (0) | More info about Azeez Mustapha

Gulf Keystone stock (LSE:GKP) is currently forming a base. Price is bearish in the long-term and neutral in the short-term, and it is now forming a strong base. Why would price go from here?

Price is currently consolidating; being directionless. The ADX period 14 is below the level 30, meaning the momentum in the market is very low. DM+ and DM- are intertwined, giving no directional movement, which is another indication of a flat market. The MACD default parameters has its histogram above the zero line, while its signal lines are below the zero line. This does not give any direction right now.

However, a rise in the momentum is expected sometime this month, and it would most probably be in favor of sellers. Gulf Keystone is a doomed stock, and therefore, any rallies would eventually turn out to be bulls’ traps.

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