stock
Kelt Exploration (KEL-T, Monday’s close $8.53) rallied from $0.67 in March, 2020, to $8.32 in June, 2022, (A–B), while trading above its rising 40-week Moving Average (40wMA). Shortly after this high, the stock fell below its average (C) and consolidated into a large ascending triangle pattern, defined by higher lows and resistance near $8.00 (dotted lines)
The stock had a breakout from this formation and reached a high of $9.62 in March (D). After a brief pullback toward its average (E), Kelt Exploration resumed the uptrend (F). Only a sustained decline below the 40wMA (currently near $7.50) would be negative.
Point & Figure measurements provide initial targets of $10.50 and $11.50. Higher targets are visible.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com