KGN

4.42%

$4.32 kogan.com ltd

Always a pleasure to read your detailed analysis M.

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Elmacho

416 Posts.

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19/04/20

22:26

Post #: 44130341
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Originally posted by Michael2: ↑

About three weeks ago, KGN closed above its 50-day moving average - and it has only gone up since then.

Friday's close at $6.57 capped off a weekly gain of 7%. That represents a fifth consecutive green candlestick (on the weekly chart) - it's the longest green streak in a year.

On the daily chart, Friday's close was also the first above the infamous January 20th open of $6.50.^[1] That was the day after the last (quarterly) business update; despite some good metrics, it revealed that quarterly gross profit growth fell from 28% to 9%.

The update triggered a big gap down, from $7.94 to $6.50.^[2] That market reaction was only the beginning; it started a 2-month slide down to the mid-$3 range.^[3]

After finding support in that region during March, it has rallied all the way back to the January 20th open. Wednesday's trade saw an intraday cross,^[4] but closed lower. Then on Friday it closed above the yellow line:

It's interesting looking back at the posts made in the fortnight after the January update. Two holders said:
"it will bounce back in a matter of days"
"[it will see $3 soon] and then $2".

Three non-holders said:
"tons of support [at $5]"
"it'll bounce tomorrow [from $5.73]"
"expect a decent bounce [from $5.54]".

I for one am not predicting anything. Friday's cross obviously needs confirmation, and its daily RSI is exploring oversold territory.

But given Covid-19, KGN's January's business update seems irrelevant now. Three months later, traders are basically waiting for the April quarterly update.

If 2019 is anything to go by, the April update was released on April 18th. I wonder if we'll get an update this week.

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Always a pleasure to read your detailed analysis M.
KGN Price at posting: $6.57 Sentiment: Hold Disclosure: Held
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(20min delay)
Last $4.32		Change -0.200(4.42%)		Mkt cap ! $434.6M

Open	High	Low	Value	Volume
$4.41	$4.45	$4.32	$2.671M	610.3K

Buyers (Bids)

No.	Vol.	Price($)
2	5046	$4.32

Sellers (Offers)

Price($)	Vol.	No.
$4.39	2308	1

View Market Depth

No.	Vol.	Price($)
1	5300	4.310
3	5753	4.300
1	233	4.290
1	3000	4.250
1	303	4.230

Price($)	Vol.	No.
4.420	6533	2
4.430	5000	6
4.450	500	1
4.460	1000	1
4.470	500	1

Last trade - 16.10pm 02/08/2024 (20 minute delay)

KGN (ASX) Chart

Always a pleasure to read your detailed analysis M.

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Always a pleasure to read your detailed analysis M.

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