Usually I would use indicators in conjunction with my charts however here is just a basic overview of the major areas ive identified of the overall trend of KZA. (The identified price points arent exact but instead within the range to be aware of. Hence "~")
DAILY:
Consolidation at the support trend line with narrowing MA (blue squiggly line) slowly converging, of a major uptrend, suggesting a bullish opportunity, resulting in the delicious rally up to the major resistance of ~$1.48. Test of resistance so far is failing (2:57pm) and volume is relatively unexciting especially at a significant area. I would not be surprised if we close below the resistance today and continue within the range of the support and resistance lines shown until we have some sort of catalyst (fundamental/technical) attracting buyers to help break the resistance. (Did not include it in the picture however Daily RSI is overbought and is falling with flat(ish) volume).
Gap above resistance: ~$1.55 - ~$1.61
Major Resistance: ~$1.48
2 Major Significant Supports: ~$1.20, ~$1.10
WEEKLY:
As we have broken out from below the MA and are slowing approaching a convergence point of support and resistance, i would expect to see a more bullish sentiment in the price action both short term (Break above MA) and long term (Long Term Uptrend) for KZA regardless if we break the resistance or up until we reach the convergence point assuming fundamentals dont change this sentiment to a negative.
As always, I would like to see confirmation for the price action to rebound off of the MA to strengthen the shorter term bullish sentiment within the bigger uptrend and perhaps break the resistance as KZA price action gathers strength to do so.
Also, i have seen numerous times that KZA can just suck up any rallies or dips last minute in the opposite direction of what the price is at during the day so who really knows what we will end on today.
Not Financial Advice Just My Opinion. Dont fkn Sue Me Please, Thanks.
Be Safe & Be Healthy!
