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Kinross Gold Set to Possibly Pullback After Yesterday's Rally of 4.24%
Mar 06, 2013 (SmarTrend(R) News Watch via COMTEX) --
Kinross Gold (NYSE:KGC) traded in a range yesterday that spanned from a low of $7.50 to a high of $7.87. Yesterday, the shares gained 4.2%, which took the trading range above the 3-day high of $7.73 on volume of 17.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Kinross Gold has traded in a range of $7.11 to $11.20 and is now at $7.86, 11% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.4%.
SmarTrend recommended that its subscribers protect gains by selling shares of Kinross Gold on November 2nd, 2012 by issuing a Downtrend alert when the shares were trading at $9.56. Since that call, shares of Kinross Gold have fallen 21.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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