Hi Ron.........Guess my call for KKRS to continue up today was all wet. I'll attribute today's slide of about 10% to the decline in volume which was only 38% of the previous day's volume. I was thinking of you when it hit 0.24 again and wondered if you bought at 0.24, but your last post indicates you are now trying for 0.23. I don't even know what my average cost basis is in KKRS, since I've held some at various price levels for a couple years and traded batches a few times. Holding what I have now for Alex to deliver on the dream.
Here's a couple things I've been watching on KKRS' chart. On my chart, I have KKRS finally breaking to the upside on January 17th out of a 7-1/2 month-long Falling Wedge. Just for discussion purposes draw a horizontal line at 0.44 from the High on 12/13/00 over to the recent peak centered around 1/30/01. If price were to rise more or less uniformly from current level and close above 0.44 (a decent move in itself), then we would have confirmed one or more bullish formations. Take your pick, with just a little latitude in interpreting formation rules, one could say we would then have a Head & Shoulders Bottom, a Triple Bottom, an Ascending Triangle, or a Cup & Handle. Don't matter, they all would predict a target of 0.68, a move of 172% from today's close at 0.25. By the way, T.N. Bulkowski's recent text "Encyclopedia of Chart Patterns" states that the usual MINIMUM price target after breakout from a Falling Wedge is return to the high at the beginning of the formation, which my chart shows is about $1.80, a 620% move from today's close. Somehow, I think the ride might be a little bumpy on the way to $1.80, but KKRS has been higher than that several times on much less substance than we have now.
Regards.....Charles |
