KS Energy: Down Trend Confirmed?

  • Post author:

KS Energy seems like trading on a down trend where lower low has been formed. 

Things to watch out whether KS Energy will continue the down trend:

  1. Whether KS Energy can break above the 20D MA resistance at about $1.12.
  2. If $1.12 resistance is broken, the next critical resistance level is $1.194. This is the previous high and also 61.8% Fibonacci Retracement Resistance.

If KS Energy cannot get past and go above the above conditions, a lower high is formed and the down trend is confirmed.

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KS Energy – Forming a wedge!

  • Post author:

KS Energy is forming a wedge and the volume is dropping. It also broke 20D and 50D MA support levels.  $1.161 is the critical support as it is 61.8% Fibonacci retracement level and also the wedge support. Base on the chart, probability of breaking down from the wedge support is higher than breaking the resistance of the wedge (which KS Energy has tried 4 times). The current level is not the entry point for me.

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