It is expected that Gulf Keystone (LSE:GKP) would
experience further consolidation and subsequent downtrend in the month of
December 2013. Any rally here – as it is currently happening – would be
short-term in nature as well as giving the bears a wonderful opportunity to
sell short at better prices.
You can see that the price, which has been trending vividly
lower since September 2013, has just broken out of the Trendlines (the lower
Trendline, to be precise). The price closed below the lower Trendline.
Therefore, any rally would be a false signal. The RSI period 14 is below the
level 50. In the month of December, the price could reach the accumulation
territory of 140.00; whereas the distribution territories of 180.00 and 200.00
would serve as hurdles to any bullish attempts.
Conclusion: Gulf
Keystone is a bear market and it would continue to be such.
At this time, the bull may be threatening, but it
really is a toothless dog… it merely resembles a tiger; it cannot hunt down
even a rodent. Anyhow, our gains come from other traders’ blunders. “Lessons
learned from a loss are the price of knowledge gained,” declares Joe Ross.
Please, we need to learn from the past negativity.
This forecast is ended with the quote below:
“The
point is this: one trade won’t make your career, but one trade could break your
career. (Or at least blow up this trading account…)” - Rick Wright
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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