From the starting of this year, Kethley Instruments Inc., New York Stock Exchange (NYSE) listed stock is in bull run. Let's try to find out the reasons for the same from technical analysis using Ichimoku indicator.
The price closes above kumo around 8th Jan 2010 at around $5.2. Chikou Span (CS) also managed to close above kumo at that time, resulting in Kumo breakout -a strong bullish signal.
It started rising without any major correction. Since then, it got support 5 times on kumo and always bounced back from there to rise further.
At the time of writing this article, it is trading around $12.4.
One more important thing to watch here – the thickness of Kumo. It's thin; that why it is getting support on lower kumo line, most of the time.
Secondly, although price is rising, but Kijun-Sen line is flat, which means it'll attract the price. So, price may come down to Kijun-Sen line i.e. $8.7 in next few days.
If it closes below Kumo, book your profit & exit from it.
Take short position in it, when price & CS – both closes below Kumo.
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