Thursday, December 29, 2016

Gulfsands Petroleum Begins a Northward Ride

Gulfsands Petroleum stock (LSE:GPX) has begun a nice ride towards the north. Price was in a tight base for most part of the year, but a serious rise in momentum began to happen from November 2016, resulting in a serious bullish gains.

4 EMAs are used for the analysis and they are EMAs 10, 20, 50, and 200. The color that stands for each EMA is shown at the top left part of the chart. Following the current bullish momentum in the market, all the 4 EMAs are sloping upwards while price is above them.

As long as Gulfsands Petroleum does not go below the EMA 200, the bullish outlook would be valid. In fact, the market may eventually go towards the distribution territories at 14.00, 15.00, and 16.00 within the next several months.

Azeez Mustapha

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