Gulf Keystone Petroleum Ltd. Price: GKP Sees an Upsurge, Eyes 140 Resistance

PUBLISHED: Dec 24 2023 @ 14:20 | Comments (0) | More info about Azeez Mustapha

It has been recorded at this moment that the Gulf Keystone Petroleum Ltd. stock market (LSE:GKP) has seen an upsurge as the price eyes the 140 resistance trade line.

Over time, many activities have surfaced in a bottom zone above the critical support point of 100. When the activity was below the EMAs’ trend lines, investors gathered momentum in time to stage a recovery. And another round of attempts to get closer to the significant barrier-trading point of 140 has resulted from that scenario. This time, a long-term hold of the price above the moving averages may lead to a breakout of the resistances above the previously shown retarding force line.

Resistance Levels: 145, 155, 165
Support Levels: 120, 110, 100

In the GKP Ltd. stock market, should investors and traders adopt the same strategy as the price hovers around 133?
Capitalists who might have committed their funds into the operations of GKP Ltd. stock above the EMAs are advised not to hurriedly pull out while the price tends to make a downward shift, given that the stock has seen an upsurge, eyeing 140 resistances.

Given that stochastic oscillators have entered the higher trading zone, indicating that an overbought condition has been reached, traders should exercise caution while executing new position orders. The 15-day and 50-day EMA trend lines are attempting to form a northbound-crossing pattern at or near the 120-point mark, which is located below the current 133 trading line. As things stand, it seems that purchasers would need to enter stronger upward pushes during consolidation in order to witness higher rises than they now do. However, we conclude that purchasing-related actions should be put on hold temporarily.

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