KBC.BR eyeing 65-70 region before restarting the uptrendKBC continues its correction started in Nov ‘21, a solid ER doesn’t have to change that.
So far we had a lower high struct in Jan ‘22, which can be viewed as wave B. Under that ~85 and we were looking downward to complete the C wave.
Now we have another lower high post earning, subwaves circle i and ii of C are firmly in place, projecting down to 70-65 region.
Ideally support ~65 holds although above 60, where the 0.5 retracement of wave (3) coincides with the weekly volume profile POC, target toward 102-108 remains in favor, i.e. beyond the 1.764 extension of (1) and reattempt the ATH struct long ago.
Daily closing under the top of (1) ~56 and 0.618 retracement of (3) ~54, this bullish thesis becomes unlikely.
More details about this correction phase on the daily chart:
TLDR : KBC should go lower first and then higher, so long above 60 = rocket emoji.
Long stop under 54
Short stop above 85
