VIP MARKET UPDATE: $KAS
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$KAS is trading around the 0.03355 area, pulling back from the 0.037 highs and now sitting right on the ascending trendline that has been supporting price since early April. The rejection from the highs has been gradual rather than aggressive, but price has steadily given back ground and is now at the most important level on the chart where the trendline and the 0.0335 horizontal support are converging simultaneously.
As long as KAS holds above the trendline and the 0.0330 area, the structure remains intact and the pullback looks corrective rather than impulsive. A clean trendline loss on a closing basis however would be a significant shift, breaking the structure that has been building since early April and opening the door toward the 0.0315–0.0320 area below. The next few candles around this zone are critical.
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