The NBN connection at the house varies between nothing to dodgy lately.
I don't trade by the charts and I am not trading KZA. It is a long term hold. This post is for entertainment purposes.
Break-out fails but uptrend remains firmly intact for now.
Last week's breakout has failed to fly. Buying volume was not strong enough to propel the share price like it did in August and November '20. The previous high of $1.78 did not act as support, whereas the previous high's (Nov '19 and Aug '20) have acted as support in previous leg's up during the bull trend that started in the last quarter of calendar '19.
Today the share price bounced off the previous horizontal resistance line at $1.48. Today's spinning top candle does indicate indecision and potential short term reversal but that is never certain. Will this resistance line hold?
The share price clearly remains in uptrend since late '19. We have just put in a higher high of $1.88. volume has been higher recently just not explosive. The previous low was $1.185 so the price could retrace down to that before putting in a lower low. A trader might keep their eye on the previous diagonal support line.
If $1.48 holds as support that would keep the chart in very bullish territory.
What is also interesting is that today the share price bounced close to the 61.8% fibbonaci retracement level of $1.485 (retracement of the run from $1.24 on 5/3/21 to 8/4/21), which is also very close to the 50% retracement level of $1.49 (retracement of the run from the leg low of $1.10 on 22/12/20 to the high of 8/4/21)
The KZIA (NASDAQ) chart has a lot of differences to the KZA (ASX) chart. It is far better behaved and less sporadic than the ASX chart which is full of holes (gaps). The previous high of $15.85 of 18 Nov '20 has yet to be taken out. [edit to add, on closing price it was taken out, but on all time traded price it has not]. Secondly, the share price has bounced off a support line around $8.50 twice now ($8.48 on 31 Dec '20 and $8.51 on 5 Mar '21). KZIA is trading sideways in a very large range bound between $8.48 and $18.85.
Between 5/3/20 and the top of 8/4/21 the share price went on a solid trot. Interestingly, today. the share price bounced off the 61.8% fibonacci retracement level of this run.
