Gulf Keystone shares (LSE:GKP) are a bearish market,
which has been going downwards since last year. There seems to be no end in
sight for the bearish journey, but something interesting is currently
happening.
Following the recent bearishness in the market,
there is an upward bounce, which has moved price from below the lower
Trendline, into the area between the two Trendlines. The RSI period 14 is above
the level 50, indicating some bullish effort. However, a bullish signal would
not be really generated until price goes above the upper Trendline.
A movement below the lower Trendline would only
restore the bearish outlook on Gulf Keystone, and even emphasizing it.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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