Gulf Keystone shares (LSE:GKP) are in a major downtrend;
though the price has been consolidating to the downside since April 2014. The
downside consolidation is very slow and tardy because the bears themselves have
not made substantial gains since April 2014.
The ADX period 14 is almost below the level 20 (showing
that the market is currently not very strong). Besides, the DM+ is above the DM-,
revealing the bears’ supremacy in spite of the present consolidation. The MACD
(default parameters) have both its histogram and signal lines below the zero
line. The price may still go further downwards towards the support level at
70.000; which is a short-term target for the sellers.
It is, however, not very likely that the price would
break below the aforementioned support level, since a bullish divergence
pattern has been formed in the chart.
This forecast is ended with the quote below. It got to do
with the beauty of trading:
“It’s a
losing trade, but only one trade in thousands you will do in your career. It’s
a bad trade but your account is up for the day, week, month, year. It’s a bad
trade but you are sitting in the comfort of your home/office, not on top of a
roof in summer laying down tar or digging up frozen pipes in the dead of winter
while your A-hole boss yells at you. It’s a bad trade but you have your health,
friends, and family.” – Brian Lund (source: www.tradersonline-mag.com)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Learn from the Generals of the Markets: Market Generals
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