Since returning to the Green Favored Zone of the SIA S&P/TSX Composite Index Report back in March, gold producer K92 Mining (KNT.TO) is up 24.3% including an 11.0% gain last week. On Friday, KNT.TO climbed 11 positions to 30th place.
After spending most of 2021 and the first part of this year trading between $6.00 and $9.00, K92 Mining (KNT.TO) as come under increased accumulation in the last three months, moving up into the $8.00 to $10.50 range. Currently, the shares are on an upswing within this range, approaching $10.00 round number resistance.
A close above $10.50 would confirm the start of a new advance with next potential resistance after that in the $12.00 to $12.50 area based on measured moves. Initial support has moved up toward $9.00.
Last month, a pullback in K92 Mining (KNT.TO) was contained by previous support near $7.82. Since then, the shares have been bouncing back, triggering a bullish Low Pole Warning signal. Currently, K92 is testing $9.92 resistance where a breakout would complete a bullish double top pattern and signal the start of a new upswing.
Should that occur, initial resistance could appear at the previous high near $10.52, or $11.40 based on a pending horizontal count. Initial support appears near $8.98 based on a 3-box reversal.
With a bullish SMAX score of 9, KNT.TO is exhibiting strength against the asset classes.
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