The KZA chart is getting ready for a move IMHO. Which way?
It's just put in a mini inverted head and shoulders. It's not pronounced in the price chart but it is accompanied by the classic volume pattern for a h&s; a peak of volume under the first shoulder, a second lower peak of volume under the head and with volume falling away under the right shoulder. As I mentioned here recently, I felt support was at $1.10 and I think that pinhead/hammer low is significant.
The next move should be a break up from this inverted H&S. This would balance out the failed breakout of April. Perhaps someone has been masterful in trading this, sucking in buyers to distribute to back in April and shaking out sellers to accumulate from in recent weeks.
Overall the trend in volume traded has been down since April too indicating the next change in trend should be pronounced.
I've left the two trend lines in green which I have had on the chart for a while now because I still think they may come back into play. If the share price does break out updwards the pullback/shakeout accumulation we have witnessed over the past month that has brought the price back to the 200 day moving average could be the springboard/trigger for a share price sustained above a $1.50ish support line.
All just conjecture for my entertainment.
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