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%

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