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Kinross Gold Corporation Message Board

  • luckyone581 luckyone581 May 20, 2013 12:14 PM Flag

    FYI

    KGC just broke a 3 week multiple high resistance on the 10-minute chart between 5.46 and 5.49 and proceeded to close the gap at 5.59.

    This is a bullish move on a day that Gold is once again heading lower.

    The stock still has decent resistance at 5.90, but this mini breakout here should take the stock higher to test that level of resistance. If broken, and the gap at 6.27 is closed, further buying will be seen as the trades will smell a bottom having been built.

    I do believe that KGC is a buy here and I did buy it last week at 5.34 with at 4.87 stop loss.

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    • As you may remember I gave a buy mention on KGC on the 13th of May and bought the stock at 5.34. I know the mood at the time here on the message board is that the stock was heading lower.

      Well, it hasn't.

      Here is my chart comment on the stock that will come out tomorrow in my weekly newsletter to my subscribers:

      KGC had a strong week having made a new 7-week high and in the process closing the bearish gap at 6.27. The stock closed on the highs of the week and further upside is expected to be seen as no resistance is found until the 7.50 level is reached. The stock did gap up on Thursday between 5.86 and 5.97 that could end up being a breakaway gap, which if confirmed would means the stock has a good ways to go to the upside and that the downtrend is over. It should be mentioned that the 200-day MA is currently at 8.45 and it the bulls are successful in getting the stock all the way up to that line, it would be a strong buy signal on both the daily and weekly charts. A drop below 5.56 would now be considered a strong negative and therefore stop losses should be raised to 5.46.

      • 2 Replies to luckyone581
      • Here is my chart comment on KGC that I wrote yesterday on my weekly newsletter:

        KGC had a strong week having made a new 7-week high and in the process closing the bearish gap at 6.27. The stock closed on the highs of the week and further upside is expected to be seen as no resistance is found until the 7.50 level is reached. The stock did gap up on Thursday between 5.86 and 5.97 that could end up being a breakaway gap, which if confirmed would means the stock has a good ways to go to the upside and that the downtrend is over. It should be mentioned that the 200-day MA is currently at 8.45 and it the bulls are successful in getting the stock all the way up to that line, it would be a strong buy signal on both the daily and weekly charts. A drop below 5.56 would now be considered a strong negative and therefore stop losses should be raised to 5.46.

      • todd.rich@sbcglobal.net todd.rich Jun 1, 2013 4:49 PM Flag

        Just to keep the facts straight...you posted on 5/20, saying then that you had bought a week ago on 5/13.

    • ta spam gold was down to 1336 and moved to 1383......today nothing to do with youre 3 week 10 minute chart...........

      • 1 Reply to chicosan3
      • I am a just a chartist and not a fundamentalist as I like to follow the money. I do not use fundamental information to trade as I do believe the big money knows more about fundamentals than anything I can pick up reading and the big money is reflected on the charts.

        I was once a big trader and worked when I worked for Merrill Lynch, Prudential-Bache and Dean Witter and once traded on the Floor with the big traders and know what they look for. Though fundamentals will ultimately be the deciding factor, it is in the charts that changes are seen first, changes that may happen without your knowledge at first.

        It all starts with the 10 minute chart and then follows to the daily chart and then on to the weekly chart. I like to be on top of it because "it all has to START somewhere". The 10-minute chart is telling me that there is some buying interest right now. Whether that means that the traders think that Gold is moving up or not I cannot say, but it does tell me that they are buying at these levels. This move should cause the stock to move up towards the 5.90 level and if that level is broken and the gap at 6.27 filled, it will mean more.

        I trade by trying to take a piece of the big boy's action and also try to anticipate what they are likely to do. Nonetheless, I use close stops, diversification, and trade only stocks that offer at least a 4-1 risk/reward ratios based on support/resistance levels. I do get stopped out often but what I am trying to do is make more money than I lose. Simple strategy.

        Nothing more to say about the stock now as the 10-minute chart is...well, a 10-minute chart. By the same token, if I try to get involved when the "first" signal, though perhaps tiny, is given I get better prices for my entry points and therefore less risk for my trade.

    • I see that. I'm looking fwd to that Apr 15 gap closing by the end of next week. Or sooner?.

      L2L

 
KGC
2.78-0.12(-4.14%)Oct 22 4:00 PMEDT

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