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$KNSL – Swing –


KNSL reached our area of interest.

Friday’s daily candle came within $0.06 of invalidating that Bearish Engulfing candle, but within the last ten minutes of trading, it decided to allow its bearish pressure to remain – IMO this happened for a reason.

The above 2-day candle will close on Monday, and we shall see if it can overcome the Bearish Engulfing candle by closing over $383.16 – maybe it does what Friday’s candle did?

$385.03 is the upper shadow of the shooting star candle that precedes this current 2-day candle, in order for this current candle to negate this bearish pressure it will need to have its body close over that high.

The weekly candle closed as a bullish candle and challenged the upper shadow of last week’s gravestone/shooting star doji (a very typical thing to occur). As long as a weekly candle’s body doesn’t close over the top of this gravestone/shooting star doji, then its bearish pressure will remain in play. Of interest is the MACD that is flirting with a bearish cross.

It’s likely price will bounce around in this highlighted (potential right shoulder) region for the better part of this week before deciding on its next path, which according to candles should be southbound.

Stop remains unchanged.


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Previous Write-Ups Below:

KNSL triggered a short set-up today.

The set-up was alerted in the Discord with price hovering around $377.

Target is $260; Timing April-June 2024

Stop is $393.86

Risk ~ $17

R/R = 6.88

One should not risk more than 1% of their account on this trade.

If one were looking for an entry, then the proposed white path above could play out, and if it did, then opportunities would likely arise around that yellow line’s pivot. The 2hr bearish engulfing candles (noted with white arrows) have marked recent tops, and there is no reason to suggest this time will be any different – in the case it is, then that white pivot higher should offer another buying opportunity with extremely low risk.

The 3-day candles closed today and did not put a dent in the bearish attack.

There is the set up for a head and shoulder formation; this set up is highlighted in the larger timeframes. This is only a hunch atm, but worth monitoring.

The 2-day candle closed today as a bearish shooting star. Many times the upper shadow of these candles like to get tested to the tune of 1/2 or even 2/3 of the way up.

Today’s daily candle closed with a bearish harami combo – keeping in mind a harami can go the opposite way before confirming its true intent. Of note is the potential top at yellow (5), a gravestone/shooting star doji followed by a tower top/evening star formation – a strong bearish combo of candles.

The monthly candle set up is trying to confirm the bearish harami combo. So far the current candle is a doji, that is actually a bullish engulfing candle (albeit a weak one) – 7 more days for this candle to decide what it wants to morph into.

The 10 day candle closed a couple sessions ago with a bearish engulfing candle, the next session was a shooting star candle – it’s a wonder what the next candle will be, but IMO it should rhyme with these in its intent.

EW counts are on the chart for those interested – a rising wedge formation for wave fives can often lead to swift moves in the opposite direction once that wedge’s lower boundary is broken through, usually PA accelerates down after a retest of that lower boundary (this also offers a low risk entry region).

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Trading involves risks, and you are responsible for your own trades and decisions. The information provided above is for entertainment purposes only and is not a recommendation to purchase anything related to this instrument or other instruments of similar composition.

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