By Zak Mir.
Gulf Keystone (GKP): Anatomy of a Breakdown
It would appear that even with the Excalibur victory behind it in September, Iraq focused explorer Gulf Keystone still has enough issues to make a lasting bull run for the stock appear any time soon.
- Exhaustion gap / bull trap combination sell signal in September
- Break below gap floor at 193p
- Extended failure below 50 day moving average now at 185p
- Break below October 165p support this week
- Only back above 165p – 170p would even begin to delay ongoing bear phase.
- Worst case scenario a target towards 120p / 2012 support line projection