The last week's price action saw a third test of the...

The last week's price action saw a third test of the (ever-rising) 50-day moving average - followed by a third bounce:



In saying that, KGN is encountering a triple top that's lurking just under $8.00:



The last 2 times that happened, there was a correction. That happened on Friday as well (during intraday trade) - but unlike the last 2 occasions, the price closed at the same price as the open, suggesting greater resilience this time around. This is shown more clearly on Friday's 5-minute chart:



@Rossi70 - I agree with the others; all eyes will be on the announcement of half-yearly results (which I daresay are promising). If results are good, I think another price spike will be in order.

If I'm not mistaken, KGN has made no formal announcements since November 19th. But regardless, KGN has never trended down. It has only trended up - on no news. The continued tests/bounces off the 50MA looks positive.

I feel like there are 2 main types of big volume traders at the moment. The first are those doing quick profit taking on daily spikes. But at some point in the next few weeks, that might not work out. I wonder if they will be overtaken by an increasing number of traders who want to 'get ahead of the curve', and start buying in (and holding) before the half-year results announcement.

If that scenario comes true, I think there will be more buying pressure, which will edge the price higher (that's if the current triple top is broken).