Kepland is quietly consolidating between a narrow $4.75 and $4.86
so far this year ahead of its Jan 24 results, as stock tests 2 key multi
year prices ($4.80 and $4.81 being 2010 and 2006 finishes) for
support.
This narrow base building is unlikely to be precursor of a fall like a year ago when the new year rally was interrupted by the market correction causing the counter to plunge 16.7% from $3.78 to as low as $3.15 at end-Jan, just days after its 25 Jan results date.
Nevertheless Kepland managed to rebound and by March it neared Jan $3.78 high at $3.76 and by following month, a new high of $3.88 was achieved.
The April high was bettered in June and July after a May correction and this trend continued with a pullback in Aug and higher peak in Oct and Nov.
We have another pullback last month from Nov's $5.12 to $4.45 but Dec's higher $4.80 close vs $4.75 in Nov is a healthy sign that the stock will soon beat $4.90 Dec high and cross $5 soon.
It has stayed above 50-day SMA at $4.75 since the minor end-year breakout from $4.70 to $4.73 and having convincingly broken out of the 62% Fibonacci mark ($4.50 near 100-days SMA at $4.45) at endOct to $4.80, Kepland is now trying to move higher between this $4.50 mark and the next 76.4% point at $5.42.
It succeeded in moving from 38% mark at $3 to mid-point at $3.76 and to 62% at $4.50 in 2010 and should be testing $5.42 this year. Nearest target of $5.07-$5.12 coincides with 2007 close ($5.07), 2008 high of $5.10 and 2010 high of $5.12. Minor obstacle at $4.95 (2006 high).
Source
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