Potential outside week and bullish potential for KCN

Entry conditions:
(i) higher share price for above the level of the potential outside week noted on 2nd May (i.e.: above the level of $1.825).

Stop loss for the trade would be:
(i) below the low of the outside week on 28th April (i.e.: below $1.54), should the trade activate.

Trade active

UPDATE (week ending 09-May): Trade activated on 6th May with share price closing above both 10 and 30 day MA's at the end of the trading week and respecting previous areas of potential resistance from 17th May 2024 ($1.87) and 24th November 2022 ($1.98), which might now act as potential support areas. Depending on risk tolerance, a profitable stop can be placed beneath either of these areas whilst allowing 'wiggle room' for the trade to breathe. This trade is now considered a 'further bullish potential' trade.

Trade closed: stop reached

UPDATE (week ending 16-May): Share price action during the week retraced backwards through the two areas noted as previous areas of potential resistance that may act as potential support instead. The first level of support ($1.98) was swiftly surpassed on 15th May whilst the secondary level of support ($1.87) proved more hardy later that day, however the DMI/ADX and RSI indicators have certainly weakened with the recent price action. Daily chart suggests further downside action and more caution whilst taking profits with protective stops.

Ivory_Wolf

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Ivory_Wolf

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