Support Should Contain KGC Weakness

Although Kinross Gold Corp. (KGC) has endured an 18% decline since its high on September 8, let's notice in the big picture chart that its major support line from the October 2008 low at 6.85 cuts across the price axis at around 14.77 today. As such, this represents the definitive bullish near and medium support plateau.

As long as the 14.77 area contains any additional weakness (another 2.8% from current prices, and 1.8% beneath this morning's pre-open low), the integrity of the multi-year sideways coil pattern will remain intact and viable.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!