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The Long Investor - $KHC - WATCHLIST - SAFE HAVEN -
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$KHC is another example of a deeper Wave 2 where the price tested the 0.887 Fib at $21 for support for Wave 2... just like $NVO, we saw a deeper pullback before buyers stepped in to defend support.
The price then broke above the 50 WMA and moved above $25 where resistance began and now we’re watching a retest of the 50 WMA at $24.
Ideally, we want to see $24 hold for support, then we can confirm that the 50 WMA has flipped to support.
From there, our focus turns to forming a higher high above $28, followed by a move towards the 200 WMA at $31..
Breaking above the 200 WMA would turn our attention fully to the 1.618 Fib at $35, which remains the Wave 3 target.
Remember, there’s also a 6.4% dividend here.
$KHC is another example of a deeper Wave 2 where the price tested the 0.887 Fib at $21 for support for Wave 2... just like $NVO, we saw a deeper pullback before buyers stepped in to defend support.
The price then broke above the 50 WMA and moved above $25 where resistance began and now we’re watching a retest of the 50 WMA at $24.
Ideally, we want to see $24 hold for support, then we can confirm that the 50 WMA has flipped to support.
From there, our focus turns to forming a higher high above $28, followed by a move towards the 200 WMA at $31..
Breaking above the 200 WMA would turn our attention fully to the 1.618 Fib at $35, which remains the Wave 3 target.
Remember, there’s also a 6.4% dividend here.
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