I have blown these images up to a slightly silly size so that they vaguely useable for those with poor eyesight. If this causes trouble on your platform than I apologise in advance.
The longer term technical (not fundamental I should add) outlook for Gulf Keystone isn't exactly Rosy, but for those with low average prices a rise to the next resistance point of 32p seems very plausible in the near term.
The longer term classic technical pattern after a major spike downwards, if for a recovery ~75% of the way to the previous significant price high (42p in the near term, giving an initial target of around 31.25p for long traders).
This being said, I would direct readers to an old post of mine referencing the changing fundamental scenario regarding the oil production, payment system and medium term outlook of the company from a fundamental perspective:
http://themaskedstocktrader.blogspot.co.uk/2015/07/gulf-keystone-petroleum-new-payment.html
http://themaskedstocktrader.blogspot.co.uk/2015/07/gulf-keystone-petroleum-positive.html
The picture above demonstrates where technical stops should be placed for short side traders. This being said, I'm not convinced that trading providers (and their clearing banks, which are at the heart of all trading) are actually allowing people to open short positions here.
The image above illustrates the hook reversal pattern as of the penultimate trading day of last week:
I'm not wildly fond of this pattern, so people who want to read about it can find information here:
http://thepatternsite.com/HRD.html
Nevertheless, the rise of over 8% since the confirmation of the pattern suggests a very significant bullish reversal is on the cards for the next couple of weeks.
Enjoy,
The Masked Stock Trader
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