KGC Short Position
Updated
Hi traders,
Taking a closer look at Kinross Gold Corporation, we can observe that it has formed a rising resistance line over the past few weeks, indicating a potential breakdown soon. The price has consistently formed higher lows, while encountering resistance around the same level,
forming the upper trendline.
Additionally, observing the Relative Strength Index (RSI) there can be observed a divergence. When divergence occurs it shows a weakness in the stock's price and potentially signaling a reversal in trend.
As the breakdown seems imminent, preparing for entering a short position at this stage
appears reasonable. The entry point could be slightly above the trendline, once the breakdown is confirmed.
Stop Loss: 7.33
1st Take Profit: 6.22
2nd Take Profit: 5.56
Final Target: 5.18
Taking a closer look at Kinross Gold Corporation, we can observe that it has formed a rising resistance line over the past few weeks, indicating a potential breakdown soon. The price has consistently formed higher lows, while encountering resistance around the same level,
forming the upper trendline.
Additionally, observing the Relative Strength Index (RSI) there can be observed a divergence. When divergence occurs it shows a weakness in the stock's price and potentially signaling a reversal in trend.
As the breakdown seems imminent, preparing for entering a short position at this stage
appears reasonable. The entry point could be slightly above the trendline, once the breakdown is confirmed.
Stop Loss: 7.33
1st Take Profit: 6.22
2nd Take Profit: 5.56
Final Target: 5.18
Trade closed: stop reached
Stop loss reached
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