Although Kinross Gold Corp. (KGC) has endured an 18% decline since its high on September 8, let's notice in the big picture chart that its major support line from the October 2008 low at 6.85 cuts across the price axis at around 14.77 today. As such, this represents the definitive bullish near and medium support plateau.

As long as the 14.77 area contains any additional weakness (another 2.8% from current prices, and 1.8% beneath this morning's pre-open low), the integrity of the multi-year sideways coil pattern will remain intact and viable.

 

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