Let's see if we can get $9.40-$9.50 to hold or any higher low from yesterday when it very briefly hit $9.34 before climbing back up. If KS can do that, it will be a soft short-term confirmation that the bottom was put in yesterday and confirm a short-term uptrend.
Maybe a dip to $9.50-$9.60's area and then move up?
Opened $9.01 yesterday - next intraday low was $9.34 so technically it has put in a higher low and why the $9.34 is important short-term here. I have a SL set at $9.30 area. Moving below $9.34 would signify that new lows are coming.
The stock has lost 60% of it's value since the beginning of 2016 so most of the bad news, even before yesterday's drop was already priced in IMO and KS saw a knee-jerk reaction. This isn't some play like TESLA which was going up on expected earnings and than sorely missed.
First short-term resistance is around $10.50 and small short-cover action?
IMO this is more of a chart play than a balance sheet play now. But as bad as the earnings were, it shouldn't be overlooked they paid down a ton of debt too and that the unexpected 2-week strike certainly effected the overall numbers.
Should be an interesting next couple of days with plenty of swings.
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