Gulf Keystone Petroleum Price: GKP Has Made a Swing Low, Contemplating a Rally

PUBLISHED: Feb 12 2024 @ 11:21 | Comments (0) | More info about Azeez Mustapha

The effects of bears presence in the Gulf Keystone Petroleum Ltd. stock trade (LSE:GKP) have led to the making of a swing low slightly against the point of 100, contemplating a rally.

Approximately three candlesticks have formed as of the writing of this article to initiate a bottoming trading outlook, upon which investors may increase their entries. The support levels from 90 to 70 have been set aside to give bulls access to the crucial underlying lines that, in the event that bulls tend to relax their probable start of rallies, as a worst-case scenario may eventually push through before regaining stances.

Resistance Levels: 115, 125, 135
Support Levels: 90, 80, 70

While the GKP Ltd. stock is trading below the EMAs, will there be further consistent pushes to confirm a bearish consolidation movement?
Indications have gathered to showcase a moment of ending the further declines in the operations of the GKP Ltd. shares market, as the situation has shown that the price has made a swing low, contemplating a rally.

Underneath the 50-day EMA trend line is the 15-day EMA trend line. The candlesticks’ surface has slightly shifted downward away from the smaller moving average line. The stochastic oscillators have penetrated the oversold area, indicating that the likelihood of further significant declines is unlikely to outweigh the probability of a rebound until a powerful bullish candlestick forms.

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