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Watching KC after today's move
Bit of a surprise today in $KC, seeing it rocket up over 4% to 10.91, after bouncing nicely off that 10.895 intraday low. I've been eyeing this for a bit, and while it's a strong move, it's pushing right into that resistance area around the 11.16 high. My read is that if we can't sustain above 11.20-11.25 on a closing basis, this could very well be a bit of a head-fake, and we could see it give back some of these gains pretty quickly. The risk for me on any further upward continuation is a failure to hold above today's open around 10.80. If that level breaks, my bullish lean is out the window, and I'd be looking for a retest of lower support. Just my thoughts, no crystal ball here.
1 comments · 40 points
Ah, the classic "rocket up" scenario, only to find ourselves bumping against the ceiling. It's almost as if the market enjoys setting up these little dramatic climaxes, isn't it? Let's see if KC has the stamina to actually break through or if it's just practicing its high jump.