In this article we will have a look at Kronologi's stock price from a technical analysis point of view. Please do your own analysis as well. The technical analysis here will also help to supplement your own fundamental analysis.
Kronologi topped out back in November 2017 and ever since then it drifted lower and started a new downtrend. The recent bounce up happen as it got oversold and hit long term support.
Notice how the stock formed a bullish harami as it hit long term support.
What we want to see is for this stock to break above a downtrend line. This will usually be the sign of a trend change. Currently the stock may be forming a basing stage and we need more confirmation for it to start a new daily uptrend.
We also need to see the stock staying above the 50 MA and 20 MA decisively with the 20 MA going back above the 50 MA which will signal that a new uptrend may start. So far, the stock is above the 20 MA and 50 MA but the sequence is that the shorter MA is still below the longer MA.
Watch out for the support area of 0.60 where I have drawn the line. Be careful if Krono drops below this area as it may revisit its low set in April.
The chart above is the weekly chart of Kronologi.
Notice how the stock formed a weekly stage 1 to stage 4. The best time to buy this stock was when it is in a Stage 2 uptrend. You can read more about the 4 stages by reading about the The 4 Stock Market Stages Every Stock Will Go Through.
At this moment the stock is perhaps trying to end a stage 4 downtrend and form a base. The bottoming tail that formed at support may mark a bottom. But what we need to see is a trend change in the daily chart and a break above a downtrend line to confirm that it is starting a new uptrend.
The chart above shows us the 60 min chart of Kronologi. Which we can use to determine the short term direction of the stock. As you can see the stock rallied up nicely after it formed a nice 60 min ascending triangle setup.
Do be a bit cautious if the stock drops below the uptrend as it may send it lower to the support area. And be careful if the stock drops below the support area.
What you want to find now is for some kind of continuation pattern in the 60 min chart. Perhaps a triangle or ascending triangle or some kind of continuation pattern to signal to us that the stock wants to go up.
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