Thursday, December 6, 2007

A Quick Look at Kinross Gold

This is a chart that caught my eye today, so I thought I'd make it apart of a mini post. The following chart is a daily chart of Kinross Gold. You will have to click on the image to get a more legible view.

The main point I wanted to make in the above chart is that Kinross is bouncing off overhead gap resistance at the $18.50 mark. The recent price action also appears to be forming some sort of pennant, which would be bearish if there was a downside breakdown.

In addition, volume appears to be waning, which could be viewed as bearish. These bearish developments would be negated however if Kinross exceeded its recent pivot high point. More to come on Sunday.


Anonymous said...

Kinross closed today at $18.49, which is 1 cent shy of the gap resistance area. That is not a coincidence, as I am sure you know.

Danny Merkel said...

Thank you for noticing.