Gulf Keystone to kick off rights issue as bidders circle

Matthew Goodman Published: 22 March 2015

GULF KEYSTONE, the London-listed producer of oil in Kurdistan, is set to raise up to £30m from a share sale this week in an attempt to tackle its £384m debt.

Last month, the company revealed that it was in takeover talks with a number of unnamed parties. It also said that as well as negotiations to sell the entire business, it was exploring options to offload various assets. It hired two investment banks, Deutsche Bank and Perella Weinberg, to advise on the discussions.

At the same time, Gulf Keystone revealed that it had started a review of its financing options. Earlier this month it said that an equity fundraising was one of the possibilities being considered.

Investors are likely to be asked to pay 33p to 34p a share."

sure...

i'll post this chart that i posted several months ago....see line in the sand comment...




dl.dropboxusercontent.com/u/40497882/Gul...B%29March%202015.png

although price recovered need to see it continue to take out that 46p level and not look back. whilst price remain below that 45/46p, lower prices i.e 28p & 14p are distinct possibility.

I dont now the ins and out the daily stuff that goes on with this share, but on the whole structure of this move alone suggest's there will be a decent upside, when, the price must start trading abv some key levels...(see yearly chart)




dl.dropboxusercontent.com/u/40497882/Gul...%292015%20Yearly.png


rgds WS

Wavesurfer:

"new low today, one more poss...no 46 no higher. 14/28p reamin in sight"

Hi W, the 'new low today' bit I understand (as in 33), but the rest of that sentence isn't very clear to me. Particularly the 'no 46 no higher' bit. Could you please elucidate/break that down a little further?

Many thanks in advance,

EGH

man what a share. new low today, one more poss...no 46 no higher. 14/28p reamin in sight, nice prices ocean. on the pnf update.... kudos!


really like to see price closing abv nov highs.... for upside momentum to kick in.

It's not looking very smart after yesterdays sell off. Be aware of the for sale sign over GKP's head, could send it in either direction if a bid comes in or fails to materialise.

Cheers,
M.

I have also looked at the daily candlestick and if my interpretation of Elliott Wave from a recent high is correct, then is there is a good chance that we can see 25.78.
Given that I find Elliot Wave quite complex, if anyone has a different view or if the counts are incorrect please do let me know. Thank you.

DYOR
Ocean

A quick p&f update daily chart



DYOR...
Ocean

Earlgreyhot ,,,

From my point of view our legitimate possible long entry has just gone further away with yesterdays new low of 33.75 ,,, we will have to wait for a new 123 low to form as the 61.50 from the previous is off the table ,,,,,,, any entry now brings falling knife to mind as who knows where the bottom is ... early bond holders decision 5.00pm Monday 23rd

Does this look like a possibly bullish treble bottom (if it holds…)? Or does yesterday's lower low negate that possibility somewhat? Just throwing this out there as little chat on this recently!
Best to all,
EGH

"This is akin to a train wreck in slow motion"

Libero , this has been a train weck for well over 2 years. It has been Traders ( and insiders ) paradise since "Kids in the pants" / "the Gokana scandal " days in 2012

Thanks Remo. Always helps to hear your views. Looks like the MACD has just started going negative. So couple of days atleast of downdraft ? 25p looks quite likely.

There are no new buy signals on GKP so stay clear of this for the time being.
If this breaks 34.25 then watch this drop hard and head towards 25
This share is dangerous to trade so be very careful


dl.dropboxusercontent.com/u/4899609/gkp13thmarch2015.png

Well, GKP is proving very hard work.

For those who are interested, the P&F chart on the 1 min basis



82.93 is still active as long as a new low is not made.
35.24 is active.
33.53 is not active as yet.



The price stopped at the 90% retracement, it will be interesting to see what happens tomorrow.

Best wishes everyone. I hope for everyone's sake this turns around!

ft

Greville wrote:
This is akin to a train wreck in slow motion.

when will it end?

I reckon as soon as I sell my lot; then it will fly fly fly away

Feels bit gutted...
Been long since 22p..and always accumulated..never sold.
Now it looks like its going to be a full curcle.
I shall also say if this goes for 350p I will b mortgage free n almost few 1000s left for holidays & a nice car...All in ISA..
Ta
G

Seems like this may have done it: www.investegate.co.uk/gulf-keystone-petr...201503120700422492H/

best to wait for the gap fill or atleast top of the gap

gkp looks like its losing its bullishness.


dl.dropboxusercontent.com/u/4899609/gkp11tthmarch2014.png


the buy signal is still the 123 low breakout point which is at 61.56

I think this is in a range between the 20 and 50 day ema atm...
So i'm scalping, and long @ 45p...
i do think this is looking bearish if the 20 day goes, gap fill i think imho...
uk.advfn.com/p.php?pid=chartscreenshotsh...l0%3D&symbol=L%5EAMC

Regards,
Trendfriend.

Thank you very much Ocean10 for the links and the book suggestions ,, I am currently reading David Lintons book re Cloud Charts which is great ,,, I will have a look at your other links later ,,, thanks again

SirRichardBunson

Below is a link of a point and figure presentation by David Linton in case you have not come across this one vimeo.com/95377214, which I find helpful. You will also find other educational material if you access the link.

If you are really interested in P&F then you should perhaps consider the 2 books by Jeremy Du Plessis, one of which is brand new (published last month):
www.amazon.co.uk/Definitive-Guide-Point-...ensive/dp/0857192450
www.amazon.com/21st-Century-Point-Figure...niques/dp/0857194429

The above information will make more sense if you have the Updata software which has P&F chart, please note I am not marketing the Updata software nor the books, this is in response to requested information.

GL Ocean

farmertim/Ocean10

Could I be really cheeky and ask if either of you get 5 mins over the weekend to put a P&F chart up for Lloyds please,,,, it would be much appreciated ..

I have also just seen Lintons video thanks to Monkeyz but are there any other websites where P&F is explained and that you would recommend ,,

Many thanks

Great post FT.

David Linton who runs Updata has a video on YouTube which discusses P&F and cloud charts a bit more.

Cheers,
M.

farmertim ,,,, really appreciate you taking the time to put the above together and explaining the current interpretation ,,, its going to take me a while to get my head around that so I will come back to you later if I have any questions , if GKP does develop over the next few weeks (either way) I for one would appreciate it if yourself and Ocean 10 could update the situation with the relevant P&F charts ,,, thanks again

Good evening to you SRB, I will try to add to the comments already posted.
P&F is quite theoretically straight forward. Each column is created by the close of the time frame, not the full movement like candlesticks.



On the daily chart you can see the target of 128. This is not active as yet, it requires a daily close above 55.7 without closing below 35.59. If that does occur the target is removed.

On the chart there are two further bearish targets in play, 26 and 11. The significant numbers to nullify these targets are 84.59 and 109.57. From a P&F perspective, a daily close above those figures are essential for changing the tune of this share.

The 1 min P&F charts work on a one minute basis.



The strong rise has created two bullish targets of 82 and 98, as it stands both are active. 98 will stay active as long as the share does not drop below 42.58 for more than a minute and 34.89 for 82 (not showing on this picture).
A bullish target of 73.59 is also given but is NOT active yet as the price has not passed back above 54.06. This target will be taken off if the price goes below 46.1.
Interestingly there is a little cluster of targets at 44.3. The fib retracement of 61.8% from the high of 61.12 to the low of 34.5 is in the region of 44.6



The more targets to a particular region give it greater importance. Those targets will be taken off if the price rises above the column of 0 that created them. It is important to see the targets for what they are- theoretical targets. I have overly enthusiastically been too confident of trading in the direction of the targets from time to time. It is imperative if you are going to trade on the basis of the targets you recognise when the picture has changed. If the targets are invalidated your trade should end. The beauty of them is the clear defined buy and sell signals as well as helping to define your risk reward (a lecture for another day!)

I hope this gives a little insight to the very very basic functioning, I will endeavour to continue to explain further as the chart presents an opportunity. If anyone is serious about P&F I recommend the Definitive Guide to Point and Figure by Jeremy DuPlesis. Its a good book for putting you to sleep but you will probably never need another!

I hope this short explanation has not confused things further for all. I will try to answer any specific questions as they arise for folk.

Best wishes all

ft

61.56 is the 123 low breakout point

61.5 psyurmh

Thanks Remo. Will the breakout price be at 54p for the 123?

The fact that gkp has been going sideways since the breakout is a good thing as thats the only way a share can build up strength for the next advance.
You also have a 123 low set up now so keep an eye for a breakout.

dl.dropboxusercontent.com/u/4899609/gkp5thmarch2015.png

Its been a while since ive used point and fiqure charts..
They are very handy with targets.
I think the targets gets removed once the price goes above the generated O or X.
like i said its been a while
SirRichardBunson wrote:

Thanks Ocean for your thoughts ,,,I suppose the 123 low breakout at 61.50 is the key one but if we should make a move above the P&F target of 55.04 then that might be our first alert to keep an eye on things ,,,, can I ask you if it would possible for yourself and ft to put some updates re P&F and GKP on CV from time to time as I find them very interesting.,, thanks again

GM SirRichardBunson

My observation is that there is one [over ambitious ] target which often is not met, and non met target does not always come off the chart, likewise even if the target is met it does not always come off for instance 55.26, 45.99 and 43.14 all these target were met and are still being displayed.

The short answer is I don't know if the 28.6 target will ever be achieved or if not achieved will be erased. For this reason it would be wise to combine methodologies, hence I posted 2 different charts. I could be very wrong but this was my conclusion yesterday.

BW Ocean

Thank you Ocean10 for taking the time to put that together , much appreciated, one quick question for you ,,, when does the 28.06 possibility come off the table as far as P&F is concerned

While waiting for ft, I hope you don’t mind me giving my interpretation! Last week a bullish candle was noted which retraced to 61.8% Fib. RSI divergence also observed which may indicate a reversal.
P&F Daily chart suggests that if we break the 55.04 level we are likely to see 129.84, if one chooses to take a long position presently rather than wait for the 55.04 breakout a stop loss of 48 can be an option or a more conservative stop loss of 45 should be considered. Of note a target of 28.6 is also active should we get below 45.08.

DYOR, this is not a recommendation to buy or sell any financial product.

GL Ocean

Hi ft ,,, Im not an expert on P&F so could you please be as kind to give me an interpretation of what your current charts are saying please ,,,,

Good evening to you M,
I am good thank you. I tried to live without Updata, I had a little fall out with them, but relented simply because of the P & F! Its a ridiculous how good it is. I am still amazed that the P & F gave the the target of sub £1 from the drop at £4.50. Whilst I thought it might be messy, I did not believe the P & F targets! The Weekly Chart gave 32p! I still think it is crazy that 3 years ago it could give such an accurate target, (assuming this is the bottom!)

Onwards and upwards hopefully for GKP!

Wishing you well

ft

Ahhh Updata, how I miss it! Thanks for the post ft.

Long time no see. How's things?

M.

Best wishes

ft

Is anyone using a platform that has P&F built in? If so were any upside targets generated on the back of last weeks rise?

Cheers,
M.

Well it bounced of near enough to that 20 day ema after all...

I make it 61.50 for a 1,2, 3 low?? (if it gets there, lol!!)

uk.advfn.com/p.php?pid=chartscreenshotsh...wHUw=&symbol=L%5EGKP

Regards,
Trendfriend.

You don't need me to tell you to be careful TF but 44.97 is the 62% fib retracement from this little excursion to the dizzy heights of 61.50 so could bounce from that but a close below would be deemed as bearish for sure ,,,, just my thoughts ,,,

loool!! that was funny!

Sure will be a lot more dull when GKP's gone, that for sure!

20 day ema @ 45p, one more long with tight stop, can't help it, i gotta do it...

Share your frustration TF ,,,,,cant see this bouncing tonight ,,, they obviously want this back under the pressure of the long term T line again ,,,,, can I swear on here please Remo ,,,,, @@@@@@g @@@@k's

Honestly, one couldn't make this up today
What next a blue close?!?!?!

uk.advfn.com/p.php?pid=chartscreenshotsh...RBms=&symbol=L%5EGKP

Trendfriend.

hi rich
yep its around that area...49.43
The big move today was purely news driven and charts cant predict this in advance unless there was insider dealing.
you can see that the triangle line was the resistance today and it needs to clear that line for higher prices.The price did finish above the main down trend line so this itself shows the bulls are in control.The price has to stay above this trendline over the next few days to confirm a potential new trend.
The best way to enter this is via a 123 low breakout still so wait for that signal to form.
Just be careful with this share as it can move wildly.



SirRichardBunson wrote:

Hi guys

I would love to hear your TA thoughts, especially my idol F4T.

All the best

But will it close above, is the big question for the next hour?????

Certainly going to be more interesting times with GKP over the coming days/weeks

CT79

Ronnie on your more accurate system ,,, could you please give me the t line back test point please ,,,, I have it in the 49.80 area ,,,, many thanks for your help

Broken its main down trend-line

Well i did make that call, but don't make me too happy, Sir Richard...
I actually got stopped of that trade!!! Doh!! LOL!!!
I moved my stop up to b/e, a bit more patience would be help me a lot, lol...

Bought back in ths morning, so missed some of the rise, but it looks good for now.
I've had great run with this and Afren, so happy days atm...

ATB
Trendfriend.