Bullish on Kelt Exploration Ltd.
Kelt Exploration Ltd. rose from $0.67 in March 2020 to $9.62 in March 2023, supported by technical indicators including the 40-week moving average and an ascending triangle pattern. After breaking out from consolidation near $8.00, the stock resumed its uptrend following a brief pullback. Sustained trading below the 40-week moving average at $7.50 would signal a bearish reversal. Point & Figure analysis suggests initial price targets of $10.50 and $11.50.
- ▪Kelt Exploration surged from $0.67 in March 2020 to $8.32 in June 2022, trading above its rising 40-week moving average.
- ▪The stock formed an ascending triangle pattern with resistance near $8.00 before breaking out to a high of $9.62 in March 2023.
- ▪A sustained drop below the 40-week moving average, currently around $7.50, would be considered a negative technical signal.
- ▪Point & Figure measurements indicate initial upside targets of $10.50 and $11.50 for Kelt Exploration.
- ▪The technical analysis is provided by Monica Rizk, Senior Technical Analyst at Phases & Cycles publication.
- ▪The chart data is courtesy of LSEG.com
Opening excerpt (first ~120 words) tap to expand
Open this photo in gallery:stockShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountKelt 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).
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