KZIA (NASDAQ). Support was sitting around the $8.50-$8.60 area. Last night KZIA breached and closed below this support @ $7.92. That is a long way away from the 200 day moving average of $10.42. So I thought I would throw some fibonacci retracement levels on the chart. Depending on which low you start, the price is sitting on key levels of 61.8% and 78.6%
If we try and find the same fibonacci retracement area for KZA (ASX) we get a price of either 0.94 or $1.
Volumes on NADSAQ and ASX, while higher than recent weeks are still low compared to levels seen in 2020. It looks like a jolly good ol'fashioned market shake-out to me with the opportunity of an announcement as a catalyst for generating a bit of FUD, which we have even seen on this board in the past few days.
Which ever way you look at it, this stock has been going sideways for over a year, which is no surprise really after we saw it double in price from where it started in 2020 (triple from its lows) and we wait for definitive data that confirms that paxsalisib is going to be approved.