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KZA Chart, page-160

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352 Posts.

51

23/03/21

07:20

Post #: 51961587
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Originally posted by tinhat: ↑

I'm just thinking out aloud here making observations not predictions.

Yesterday we saw KZA open with a clear gap up only to hit resistance and retrace forming a "shooting star" candlestick (doji) for the day. This is a reversal sign indicating the stock is due to retrace (see my last chart above). Note the gap up on 22 Feb and that the share price also hit resistance on that day and hit it again the next day forming a "spinning top" reversal before retracing down. Also note the gap up on 22 Jan and the subsequent reversal and the gap up on 9 Jan when the price formed a spinning top before reversing.

Note that on each of those tops I mentioned above the volume has spiked up (except yesterday) but that the spike has been less volume each time.

The chart indicates that the stock start to retrace down. It will be interesting to see whether the upward sloping resistance holds on this retrace. If it does it is very bullish. Another possibility is that the price will not bounce of the diagonal support and instead trade sideways.

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Compared to the US close equivalent of $1.51 (exchange rate 0.774) the chart should still track upwards. Any news or leak of news before 10 April will be very interesting...

KZA Price at posting: $1.43 Sentiment: Hold Disclosure: Held
6 Upvote

0 Great analysis

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