Tuesday, August 26, 2014

Monthly Forecast on Gulf Keystone (September 2014)


The shares (LSE:GKP) were trending downwards till the early part of August 2014. That was when the price hit a rock bottom around the demand level at 60.00. After this, the price begins to rally – something that is still valid up till now.

In the chart, the price broke above the upper Trendline, going further upwards. From its oversold territory, the RSI period 14 has gone above the level 50. This shows the determination of the bulls to push the price higher. The market is supposed to continue rallying for the next several weeks, perhaps reaching the supply levels at 110 and 120 consecutively.

Those who missed the bullish breakout on Gulf Keystone may want to buy a pullback. When one misses an entry signal, one may wait for the price to come back to the level where one would prefer to enter.  Some positions may be smoothed in a trendless phase of the price journey. A trendless market ought not to be traded.

We ensure that we want to trade the correct instrument in a correct market condition, or else, we may be adversely affected.  

This forecast is ended by the quote below:

“You don’t have to make trades all the time. The big winners will come and when they do you need to have all your cash available. I think that’s what I would do differently – trade less and be more patient and wait for the best setups.” – Dan Zanger

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Learn from the Generals of the Markets: Market Generals

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