Using the 60min Chart as it gives a better picture of the actual trading trend where the daily is a little vague and misleading.
Appears to be in an Accumulation Channel for quite a while, since the end of September, trading between 2.4 and 2.6 as the main core accumulation zone with some trades above and below. Since that spike it's remained in this channel, trading sideways on low volume.
Pro traders will buy after the first wave of selling, with the amateur traders selling off after a pullback from a spike in panic that the stock is falling and they sell for a loss or break even or even to protect profits.
The current period is where Pro traders are now buying and accumulating before the next leg up. It may stay at this level or could drop a pip or two, I think dropping lower is unlikely, not on high volume and anything would be soaked up, but selling pressure has already diminished with the dropping volume in recent days after the spike and the solid accumulation and soaking up of any supply between 2.4 and 2.6
This represents a good entry level in my opinion but is not advice. I've topped up at 2.5 myself as I also bought more at 2.8 and 2.7, but I'm also sitting on significant profits given my sub 2c entries.
Regardless my Fib level targets are still very much in play and given the low MC at $15.8m this is very cheap.
KSN Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held
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