KGC fails to close above 50-day moving average
Kinross Gold Corporation (KGC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
KGC finished Thursday at 4.65 edging lower $0.01 (-0.21%), strongly underperforming the S&P 500 (6.24%). Trading $0.22 higher after the open, Kinross Gold was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 19th, KGC lost -8.38% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (KGC as at Mar 26, 2020):
Thursday's trading range has been $0.49 (10.21%), that's slightly below the last trading month's daily average range of $0.60. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for KGC.
Prices are trading close to the key technical support level at 4.30 (S1). After spiking up to 5.02 during the day, the market found resistance at the 50-day moving average at 4.93.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.