KGC (Kinross Gold Corp) was posting in the new Trading Room just over two weeks ago & has already gained over 9% since then. It was highlighted while prices were trading at the bottom of the right shoulder on this potential Inverse Head & Shoulders bottoming pattern. So far, the pattern continues to develop as expected, exhibiting nice symmetry.
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- KGC daily 1 Dec 3rd
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- KGC daily 2 Dec 3rd
The horizontal levels on the updated charts (above) are the same as shown in the original chart posted on Nov 18th (below) although I’ve added additional labels to those levels (R1, R2, T1 & T2). R2 (second resistance level) is the first of either the neckline, the blue primary downtrend line, or the 2.58 horizontal resistance level, all of which currently come in around where prices are projected to move towards later this month. Even from where KGC closed today, this stock would still provide about a 25% gain if it were continue up to the R2 level and a gain of about 90%, should the stock ultimately climb to T2 level (which would be quite likely, should the IHS pattern continue to develop & trigger a solid break above the neckline AND the primary downtrend line).
The two updated daily charts (one is zoomed in to show the IHS pattern, the other zoomed out to show the entire primary downtrend line) are shown above with the previous chart posted in Trading Room 2 weeks ago below. The Trading Room is a forum in which additional trade ideas, market commentary, articles, etc.. are shared & discussed by myself as well as other traders & investors. KGC is only an unofficial trade idea at this time but might be added as an official trade idea (including suggested stops & trade updates) soon, assuming the charts of GLD, SLV & GDX continue to firm up.
KGC daily Nov 18th