Since returning to the Green Favored Zone of the SIA S&P/TSX Composite Index Report back in March, gold producer K92 Mining (KNT.TO) is up 24.3% including an 11.0% gain last week. On Friday, KNT.TO climbed 11 positions to 30th place.
After spending most of 2021 and the first part of this year trading between $6.00 and $9.00, K92 Mining (KNT.TO) as come under increased accumulation in the last three months, moving up into the $8.00 to $10.50 range. Currently, the shares are on an upswing within this range, approaching $10.00 round number resistance.
A close above $10.50 would confirm the start of a new advance with next potential resistance after that in the $12.00 to $12.50 area based on measured moves. Initial support has moved up toward $9.00.
Last month, a pullback in K92 Mining (KNT.TO) was contained by previous support near $7.82. Since then, the shares have been bouncing back, triggering a bullish Low Pole Warning signal. Currently, K92 is testing $9.92 resistance where a breakout would complete a bullish double top pattern and signal the start of a new upswing.
Should that occur, initial resistance could appear at the previous high near $10.52, or $11.40 based on a pending horizontal count. Initial support appears near $8.98 based on a 3-box reversal.
With a bullish SMAX score of 9, KNT.TO is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.