KZL retraced more than the 61.8% Fibonacci ratio a major correction.It retraced to the 57.5c the resistance level which happened to be on the 21st of June.If this second wave has been completed, we are then looking to the start of a new wave which commenced last Friday. This third wave could be 1.5 times the 1st wave in length or longer.This is as in Elliot Waves as I understand it.
I also use a simple support and resistance analysis with volume interpretation.The support level is the resistance level set on the 21st of June.This resistance level now forms the new support level as this is the level where KZL found support on Friday and bounce off it.
Candlestick Interpretation
Friday spinning top could be the morning sun, depending how KZL closed in the next 2 days.If today and the next couple of days are up, may confirm that the reversal is indeed in place and can also be extremely bullish.
The above 3 interpretations may confirm a bullish scenario.
KZL Price at posting:
65.5¢ Sentiment: ST Buy Disclosure: Held
