On 6/26 there we mentioned to watch KOG as it has formed a great double bottom pattern and had the potential to move much higher. Since then KOG has ripped being aided by a spike in oil on Friday.
KOG played the Double Bottom pattern perfectly. It continued to stay above support at 7.00 and once it broke through short-term resistance at 7.34 it was off tot the races.
New Moves: KOG now is hitting resistance at 70 day ema and at resistance of 6.34. KOG has extended itself and currently has support at 7.90. If KOG cannot hold 7.71 then it could move back lower to fill the gap at 7.50. It wouldn’t be shocking to see KOG pullback and consolidate after this run up.
Chart from 6/26:
