Kirkland Lake Gold (KL) has been steadily trending lower since early August 2020. On August 5th, 2020, the stock traded as high as $57.69 a share. Since that pivot high, the shares have fallen down to $43.19 where it trades today. The trend is now down on the daily chart for Kirkland Lake Gold (KL) stock. Traders must now be patient and look lower for a major support level on the chart.
Traders and investors should now watch the $36.00 area for major chart support. This level is where the stock broke out in June 2020. Often, prior breakout levels will serve as excellent support when retested. This key support area also has a major retrace level just above the $36.00 area making this an even better trade level. I will be looking at Kirkland Lake Gold (KL) stock around the $36.00 level for a long side trade.
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