Kinross Gold Corporation (KGC) is having an interesting session, especially from a technical perspective. Today's low at 16.40 in KGC represents a near 60% retracement of the prior up-leg from 15.07 to 18.29.

The ability of KGC to hold support above 16.30 and then to stage a powerful advance increases the likelihood that the larger multi-year sideways coil pattern (see chart enclosed below) is complete, and that KGC is starting a new up-leg within its 11-year bull trend off its 1.31 low in 2000.

Although KGC has climbed from 16.40 to 16.82 so far today, to really start to gain upside traction it must hurdle and sustain above 17.20/25.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.