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GKP daily 15/05/13

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Interesting day for Gulf Keystone today. Not only has a higher low been confirmed, but it broke through to make a higher high (above 137.5p) with some gusto and on the highest up day volume since 3rd July 2012 when the SP moved nearly 50p in the day.

161p still remains the key, however, so until there's a close above that level we can't be too confident about a new trend. This could still be the wave 4 up of wave C down. Another important level now is the breakout point after the higher low at 137.5p. A close below that would almost certainly point towards a new low below 126p.

Finally, a long white candle (called a marubozu) is often followed by a retrace to half of its height, This falls at the 140p ish level which is just above the breakout point. 

Interesting times, but there's no need to panic. Even if there is a small retrace and then a new high, that will complete 5 mini waves up and a retraces ought to follow. Just to repeat, the key level to the upside is 161p, downside, 137.5p needs to hold.
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