GKP

It's quite laughable to hear so many flapping about what is not even a channel. Even the so called trend lines are totally invalid. Why oh why would anybody pay attention to something of no value?

Thanks guys - here's my pitch fork channel - before you can even think abt 10p there is lot of support @ all red lines... most have been talked abt already. it will take some considerable bad news for that to happen for sure....

dam talk abt trying to channel fear....

dl.dropboxusercontent.com/u/40497882/GKP%20Channel.JPG

To be fair, much of what he's written there is correct. We've all been discussing some quite bearish downside possibilities on here for a few days (old Zak is always a few days behind the game), including the gap at 31.25p IIRC.

There's only really one catalyst which could bring 10p back again (and there IS a gap at 13 I think) and that's a cancellation of the PSC by Baghdad. Possible? Certainly judging by their past performance. Likely? Not for me. Money and Big Oil normally controls governments not the other way round.

In any event, there are no buy signals as yet (unless you count the bullish RSI divergence on the hourly) and we all know what the sensible plan is: wait for a higher low and buy the breakout. Until then it's a sell at 161p or on a break of 131p for me. Simple.

PS Let's not forget that Zak has leapt into the limelight in recent months and a mention of a possible 10p target for the "punter's" favourite is sure to grab him some more publicity and we all know what the saying is there. Good for his subscriptions I'm sure!

WS

www.screencast.com/t/rOctO1Sbl

10p lol - what channel - can some body copy that chart and paste it here please.... cheers

www.shareprophets.com/analysis/171/sell-...technical-target-10p

(Free to register - there's a chart with the article)

14bn barrels of oil as a possible reserve sounds enormous. But can Gulf Keystone export any oil that it produces from Kurtdistan? It seems to have had a few issues of late and that and the CEO flogging nearly all his shares, has spooked some fundamental investors. But the technical outlook is really grim.

What seems to be a standout to me at Gulf Keystone is the way that 99% of IG Index’s clients are long and that this number has not flinched even as the stock fell from 180p to 140p over the course of this month. Perhaps they know that there is going to be a happy ending for the company, but looking at the charting picture this does not seem to be the case. In fact, the outlook appears quite ominous, over and above the 10% decline which has already been seen from the bear call in the Shareprophets video I made last week which you can watch here.

While a book could be written on the daily chart configuration of Gulf Keystone, the main points are as follows: the overall 2011 – 2013 price pattern is that of an extended head & shoulders reversal, in fact the sharp February spike towards 450p (the head) really does appear to be the mother of bull trap situations, as well as ensuring that anyone who was bearish on this market would have been annihilated. Unfortunately a similarly grisly fate could be on offer for the longs from now.

This is because the loss of the December 161p low this month also triggered the 2 year top formation, with this idea backed up by the way that since the 161p level snapped there has not even been the slightest effort to test it as new resistance – it is a meltdown. While a weekly close back above 161p might delay the breakdown argument, a stock / market does not spend 2 years building a top and then cancelling it after a couple of weeks.

The “minimum” downside at this stage for Gulf Keystone is seen as being the red mid channel support line at 100p, while a weekly close below this opens up the bottom of the 2011 price channel and 2 year support line projection heading as low as 10p – yes, 10p. As things stand the 10p level is a one year target.

- See more at: www.shareprophets.com/analysis/171/sell-...sthash.wrMXJjGp.dpuf