Tuesday, November 17, 2020 2:10 PM EDT
Kirkland Lake Gold (KL) has been steadily trending lower since early August 2020. On August 5th, 2020, the stock traded as high as $57.69 a share. Since that pivot high, the shares have fallen down to $43.19 where it trades today. The trend is now down on the daily chart for Kirkland Lake Gold (KL) stock. Traders must now be patient and look lower for a major support level on the chart.
Traders and investors should now watch the $36.00 area for major chart support. This level is where the stock broke out in June 2020. Often, prior breakout levels will serve as excellent support when retested. This key support area also has a major retrace level just above the $36.00 area making this an even better trade level. I will be looking at Kirkland Lake Gold (KL) stock around the $36.00 level for a long side trade.
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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