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Gulf Keystone stock (LSE:GKP) remains largely bearish, but there has been an ongoing bullish effort to rally. The bad fundamentals coming out of the oil industry have not been helping matters at all.
The market has been quite choppy and bearish in the last several months. This month, bulls are struggling really hard to push price upwards, despite all the odds against them. 4 EMAs are used for this analysis and they are EMAs 10, 20, 50, and 200. The color that represents each EMA is shown on the top left part of the chart.
All the EMAs are generally bearish, but price is trying hard to break the topmost EMA to the upside, and to stay above it. This feat will be achieved within the next several weeks, as the market has formed a base, and it looks as though it has nowhere to go except to the upside.
As far as GKP is concerned, we are looking for more favorable outcomes for bulls, which may take price towards the resistance levels at 80.00, 85.00 and eventually 90.00.
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