KNSL is building a case for a swing short. The daily candles look extremely toppy and and as long as that shooting star/gravestone doji’s upper wick ($393.30) is not closed over by a daily candle’s body, then this could have marked a significant top that will not be re-visited for a few years. The area of interest to establish a position is highlighted in yellow.
Last month’s candle closed as a long-legged doji/ bearish harami combo. So far, this current month is confirming the bearish harami; if it can close below $372.63, then a short term top will be in place.
The 10-day candle closed today as a bearish shooting star candle with a bearish harami combo, doubling down on the bearish intent by adding strength to the bearish engulfing candle from the previous session.
5-day candle closed today as a bearish Dark Cloud Cover (DCC).
The 15-day candles have been very efficient at marking tops for this instrument. The current 15-day candle (a shooting star) closes in 6 more days. This current candle is trying to confirm the bearish harami combo formed last session, and can do so with a close under $366.13.
Potentially PA could do something like below for the remainder of this week. If this plays out, it could offer an opportunity to establish a short position with targets of $240 (winter of 2023), then $150 (summer of 2024). One step at a time.