Monthly Forecast on Gulf Keystone (May 2016)

Gulf Keystone shares (LSE:GKP) were under selling pressure for most of the year 2015. The price has also been bearish so far this year and this is a trend that is expected to continue.

In the daily chart, 4 EMAs are used, and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top right part of the chart. All the EMAs are sloping downwards, which means that outlook on the market is bearish. The price is supposed to go further southwards.

In this type of market, any upward bounces into the EMA 10 or 20 (even EMA 50), should be seen as a buying opportunity. Gulf Keystone is a bear market.

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