Gulf Keystone Petroleum Price: GKP Hits Resistance, Facing a Depression

PUBLISHED: Sep 30 2023 @ 04:25 | Comments (0) | More info about Azeez Mustapha

The Gulf Keystone Petroleum Ltd. shares company (LSE:GKP) has hit a resistance between 100 and 110 points, facing a possible depression process soon.

A paused trading session has been seen, with traders considering establishing a temporary base above the 85 support line. Because this trade act has been ongoing for a while and a direction change is long overdue, driving prices down from that point won’t result in bears acquiring much position. More buying alternatives should predominate in the mindset of stopping shorting position orders against the support lines shown below as that feeling starts to come into play.

Resistance Levels: 120, 130, 140
Support Levels: 85, 80, 75

What are the EMA indicators’ reading positions in reference to the current value of GKP Ltd.?
A line of rising candlesticks has come to play in the exchanging operations of the Gulf Keystone Petroleum Limited stock to showcase that the price has hit a resistance below the line of 120, envisaging facing a depression force that can give birth to a pit stop.

Closely below the 50-day EMA trend line, the 15-day EMA trend line has been in a minor northward-crossing phase. The stochastic oscillators have moved marginally southward to touch the 60th percentile. Additionally, they appear to be a sign that will point upwards again. Because of that sentiment, the price may continue to rise after regaining some of its lost momentum over the course of the following sessions.

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