Kinross Gold Corp. - (K.TO) - May 9, 2024
SIA Charts’ relative strength rankings help investors identify opportunities in stocks which are outperforming their peers or index benchmarks on a relative basis. With the prices of Gold and Silver soaring in recent months, precious metal producers have been climbing in our relative strength ranking tables.
Kinross Gold (K.TO) has bounced back from a winter dip in the SIA S&P/TSX 60 Index Report. It returned to the Green Favored Zone on March 28th and was featured in the Daily Stock Report on April 1st. Since then, the shares have continued to climb up the rankings and yesterday it moved into first place.
Since K.TO was last featured in the Daily Stock Report, its shares have rallied 16.4%, compared with a gain of only 0.3% for the S&P/TSX Composite Index, and a gain of 3.2% in the price of Gold over the same period.
Candlestick Chart Breaks Out Again
This five-year weekly chart highlights the strength of the current recovery trend in Kinross Gold (K.TO) shares. A big selloff bottomed out in the summer of 2022 and by early 2023 Kinross had broken out of its downtrend. The shares have remained under accumulation over the last year, advancing in a Rising Channel of higher highs and higher lows.
In recent weeks, accumulation has accelerated. Kinross broke out of a bullish Ascending Triangle base clearing $8.25 back in March and has continued to rally since then, taking a run at the $10.00 round number. Next potential upside resistance after that appears near $11.25, the summer 2020 peak near $12.00, or $12.75 based on a measured move from the triangle.
Point and Figure Chart Extends a Rally
Kinross Gold (K.TO) shares continue to recover. When we last mentioned Kinross in the Daily Stock Report on April 1st, it had just staged a bullish Double Top breakout (lower support line). Since then the shares have been under consistent accumulation, advancing toward $10.00 and taking out previous highs to trade at their highest level since late 2020, extending an uptrend that has been underway for nearly two years.
Previous column lows suggest next potential resistance may appear near $10.30, followed by $11.35, which is based on a vertical count, then the 2020 highs near $12.05. Initial support appears near $8.96 based on a 3-box reversal.
With a perfect bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 10 out of 10, K.TO is exhibiting short-term strength across the asset classes.
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