{"id":58041,"date":"2011-05-02T11:02:21","date_gmt":"2011-05-02T01:02:21","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2011\/05\/02\/kingsgate-near-key-support\/"},"modified":"2011-05-02T11:02:21","modified_gmt":"2011-05-02T01:02:21","slug":"kingsgate-near-key-support","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2011\/05\/02\/kingsgate-near-key-support\/","title":{"rendered":"Kingsgate Near Key Support"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tShares of Kingsgate Consolidated ((KCN)) ran into stiff resistance in September-October last year and shareholders have seen a lot of value disappearing since then. Coincidentally, the chart in Stock Analysis on the FNArena website clearly shows this is yet another example of the &quot;Icarus signal&quot; whereby the share price tries to move beyond the consensus price target and then receives a firm rejection.<\/p>\n<p>\n\tIn the case of Kingsgate, the punishment that followed was quite a severe one as the rejection occurred near $12 and the shares have fallen to $7.50 since.<\/p>\n<p>\n\tThe TechWizard reports this morning Kingsgate don&#039;t look so good from a technical perspective either. On a weekly basis, notes the Wizard, the shares have remained in a downtrend since the beginning of the calendar year. In addition, a bearish MACD indicator suggests more weakness should be expected.<\/p>\n<p>\n\tThe Wizard suggests investors should closely watch key support at $7.40 as a break below this price level will open the floodgates to $6.00.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/KCN_Wizard.png\" style=\"width: 670px;height: 398px\" \/><\/p>\n<p>\n\tThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard&#039;s, not FNArena&#039;s (see our disclaimer).<\/p>\n<p>\n\t<strong>Technical limitations<\/strong><\/p>\n<p>\n\t<strong><span style=\"font-style: italic\">If you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we <span>apologise<\/span>, but technical limitations are to blame.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The TechWizard suggests the outlook for Kingsgate shares remains to the downside, with key support looming.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[22],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/58041"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=58041"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/58041\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=58041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=58041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=58041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}