Gulf Keystone Petroleum Price: GKP Rises, Struggling at 100

PUBLISHED: Sep 23 2023 @ 04:58 | Comments (0) | More info about Azeez Mustapha

A series of lows has over time been predominant in the market operations of the Gulf Keystone Petroleum Ltd. stock (LSE:GKP), given that the price rises from a near point above the support of 80, struggling around the point of 100 currently.

Due to an overbought reading condition, it appears that the market’s strength has exceeded its capacity to firmly break out of a bearish trend. Contrarily, points between 100 and 80 are still seen as lower trading levels where it is technically acceptable to start taking long positions, regardless of what the market’s subsequent reaction to the bears’ actions could be.

Resistance Levels: 120, 130, 140
Support Levels: 80, 70, 60

Is it technically advantageous to purchase GKP Ltd. stock at 100 given the EMAs’ current position?
We are aligned with the opinion that the GKP Ltd. shares will in the long run push more upwardly beyond 100, as they have been rising and struggling around the value line.

The stochastic oscillators have shown an overbought report condition as they are attempting to start a consolidation phase. The candlesticks have been produced from a lower zone to contact the larger moving average at the topside,

positioning the 15-day EMA indicator beneath the 50-day EMA indicator in a downward-producing path. Shareholders are expected to establish themselves in lines 100 and below. Getting into the trade above the greater EMA’s point could result in a late entry transaction, which could force you to hold the position for an extended amount of time.

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