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GKP weekly 10/05/13

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There's a chance that Gulf Keystone Petroleum may finally be finding some support at the trendline from the 64p summer 2010 and 87p summer 2011 lows. Close tomorrow will determine whether there's a weekly hammer off this trendline.

From an Elliott Wave point of view, it looks like 141p was the end of wave A, 260p the top of wave B and it may now be just entering wave 4 up of C down. If so then any rise should be capped by the 161p resistance (wave 1 of C low) before a final wave down which may, or may not, get truncated and end above yesterday's 127p low.
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Guest Sunday, 18 November 2018