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Friday, 20 June 2014

Kris Energy: 20 June 2014, Friday, 10.30am Singapore Time

Kris Energy: 20 June 2014, Friday, 10.30am Singapore Time
Chart courtesy of Chartnexus.com

This stock has 3 layers of resistances suppressing it. 2 resistances are major ones and 1 resistance is a minor one. The attack-down is very deliberate based on price structure. This stock is a clear cut downtrend stock and will move in a large wave down till the downtrend ends. Escape wave is currently in execution. Get out and Short on this escape wave. The very major resistance 3 is the launchpad of the bear market for Kris Energy.

It was also warned during end 2013, just before KrisEnergy's breakdown, that stocks and equities will be transiting to bear market structures. KrisEnergy is one such example and is a weak stock. The fact that it can break down under a bullish oil market suggests that this may be a weak company.

Donovan Norfolk Technical Rating:
Long term Bearish (main wave)

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