Last week's trade saw a further test of $5.00 and a fall to...

Last week's trade saw a further test of $5.00 and a fall to $4.46 by the end of Friday. That's another 10% eroded.

The lone positive may have been Tuesday's 2.81% gain.¹ This was the second biggest daily gain (in percentage terms) over the last two months.

In a way, that looked promising, but three days later, trading ended with five consecutive days of lower daily lows (six days if you count two Fridays ago).²

Something of an upper trendline³ could now be formed by using Monday's opening price of $5.27. In extending that trendline, the gap between it and the upper wicks is beginning to increase again.

A new gap has also formed between $4.55 and $4.62.⁴



The chart is not looking good, but on a business level, some parts of KGN's operations are telling a different story. According to an Australian Financial Review article from a few days ago:

"The main culprit in the loss of [Vodafone's] customers was an 8.6 per cent decrease in Vodafone's prepaid customer base, which fell to 2.018 million. Its more valuable postpaid customer base also fell, but only by 1.1 per cent, to 3.416 million."

But Kogan - which uses the same mobile network as Vodafone - mentioned this in its half-yearly results:

"[Mobile] customers grew 5.1% during the half, with commission-based revenue increasing 6.8% during the period."