Tuesday, June 7, 2016

Gulf Keystone to Become a Penny Stock

Gulf Keystone stock (LSE:GKP) has been in a bearish mode for a long time, against the expectation of analysts and investors. Well, the reality is that the stock is under selling pressure and there is no end in sight, for the bearish trend.

In the past two months, price has been moving sideways in the context of a downtrend. While the market consolidates further, forming a long-term base, a breakout is imminent. The more the base holds out, the stronger the breakout is, when it does occur.

The ADX period 14 is not above the level 20, corroborating the present lack of momentum in the market. Plus the DM- is very slightly above the DM+, and also not above the level 20. A closer look at the market reveals that sellers are still willing to push the price further downwards…. and downwards.

Therefore, when the movement of GKP becomes stronger again, it would most likely favor sellers. Price could go on towards the demand levels at 3.00, 2.00 and 1.00. Gulf Keystone is most likely doomed to become a penny stock in a foreseeable future.

This forecast is ended by the quote below:

“Extinction is the default setting for companies as well as animals.” – Chris Tate

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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