and despite this......
Kaminak share price plunges down and down, like all the miners these days.
Looking at the technical chart, Kam has been pulling back from the top zone ,normal so far, but now has entered the target zone....where IF this latest rally from 2013 bottom zone is ever going to become a bullish wave pattern.....this pullback zone KAM has now entered , needs to hold support here, in this 60 cent area (should have started holding at 70 cent area)or else, if this 60 cent target zone fails to stair step rally back up to retest the top, it can portend a continued decline all the way back down to retest the 2013 bottom, and see prices in the 40's again.
On paper, KAM made a nice rally, a double off the 2013 bottom zone. and after that, the 50 % pullback would have taken KAM back to the 70 cent area. But here we are below 60.
This is a support zone, but KAM needs to show some strength here. Friday, and this week, was not strength. it was a plunge down that looks like a collapse thru support. I wont mind buying some more KAM at the 2013 bottom again. but its not a good sign to see miners make a good rally from last years bottom, and completely fail to hold key support target zones now.Its not bullish trending IF price falls All the Way back Down to the lowest bottom all over again.
They did just that,last year, made a big rally in July/August, and Collapsed all the way back down to the bottom, and they appear to be doing it once again..... Should anyone be surprised? as if this year is going to be different? IF this year is going to be 'different' for miners.....they need to Hold support here and now. I expect to see them Fail again.
