Gulf Keystone for 9/07/2019

#GOLD #NASDAQ Our report on Gulf Keystone last October (link here) proved an exercise in futility. The share price has utterly failed to trigger any upward moves, instead is teasing with threats of some coming reversals. As the BLUE downtrend highlights, an impressive effort is taking place to stop it going up!

At present, trading around 221p, the price needs actually CLOSE a session above 234p before we dare make an assumption of some price recovery commencing. Such a trigger event should prove capable of an initial 257p. If bettered, secondary calculates at a longer term (and game changing) ambition of 284p. Visually, there’s a pretty firm threat of 284p, if achieved, forming some sort of glass ceiling at some point. There’s little doubt the market has placed some sort of importance at this sort of level and if we place safe, allocating above 300p as a sensible trigger level for long term recovery will make sense.

Unfortunately, more likely appears trades below 215p driving the price down to 203p initially, along with some sort of bounce. It’s critical, if 203p breaks, to remember our secondary calculates at 178p.

There is a really big problem, if the share price makes it below 165p in the future. While we can calculate 125p as a drop target, it would be worth remembering the share has entered a zone with a logical bottom down at 35p.

For now, thanks to its lack of activity in heading upward, we fear the worst for GKP’s future.

FUTURES

Time Issued	Market	Price At Issue	Short Entry	Fast Exit	Slow Exit	Stop	Long Entry	Fast Exit	Slow Exit	Stop	Prior
9:52:19PM	BRENT	63.83									‘cess
9:54:33PM	GOLD	1395.78	1391	1386	1379	1405	1408	1411.5	1420	1391
9:56:31PM	FTSE	7551.98
10:11:02PM	FRANCE	5586
10:12:53PM	GERMANY	12503
10:15:22PM	US500	2974.72
10:17:20PM	DOW	26794.4
10:27:34PM	NASDAQ	7780.15	7764	7749	7714	7804	7833	7855	7889	7770	‘cess
10:29:09PM	JAPAN	21594									‘cess

 

8/07/2019 FTSE Closed at 7549 points. Change of -0.05%. Total value traded through LSE was: £ 5,391,926,920 a change of 14.22%