Gulf Keystone (GKP): Back For Good?

PUBLISHED: Jan 09 2013 @ 12:25 | Comments (0) |

Here are the latest extracts from Zak’s new premium blog AIM Stocks Charting

It stars the likes of Petrel Resources (LSE:PET), Leni Gas And Oil (LSE:LGO) / Gulf Keystone (LSE:GKP) and most recently highlighting quadruple support for Gulfsands Petroleum (LSE:GPX) under 80p.

Gulf Keystone (LSE:GKP): November Bear Trap Rebound

Earlier this week I read with interest that Gulf Keystone is the most widely held AIM stock, and previously my intensive research has pointed to it being a takeover target and a potential FTSE 100 entrant. Not bad fundamental stuff from a chartist? But the main point of interest here is whether after today’s surge for the shares towards 200p this is merely a false dawn or the start of an extended recovery?

The technicals suggest that we have been treated to a bear trap from below the November intraday low of 170p. This is a major buy signal, one backed up by the way that after 170p was recovered on an end of day close basis o December 27th, the lowest price intraday was 172p.

The position now is that one would be looking for further upside while there is no end of day close back below the late December 187.75p intraday peak, with the initial target the 200 day moving average at 204p. But only once this has been conquered can we really say that Gulf Keystone is Back For Good, as in the Take That “masterpiece.”

Read more on leading AIM stocks like Gulf Keystone in Zak’s New Top 5 Bestseller On Amazon, Lessons From The Financial Markets For 2013 by clicking here

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