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.
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.