An ascending triangle pattern has recently emerged in the shorter timeframes of Kogan (KGN) stock, suggesting an interesting technical development. Simultaneously, when we examine the weekly chart, we notice that KGN is currently trading just below the 50% Fibonacci retracement level.
The convergence of these two factors presents a notable opportunity for potential investors. If KGN manages to break above the Fib .50 level on the weekly chart, it would signify a bullish move, potentially indicating a significant upward trend.
Considering this technical analysis, it may be worthwhile to contemplate a position trade in KGN, with a horizon spanning a few weeks or possibly even longer. This approach allows investors to take advantage of the anticipated bullish momentum should the breakout materialize, while also aligning with the longer-term potential of the stock.