Kosmos Energy seeks a bottom to bolster it higher - Analysis - 14-06-2022

Kosmos Energy's stock (KOS) declined in a volatile session off four-year highs as oil prices declined once more on recession concerns , while Berenberg downgraded the stock's standing to hold from buy, marking a loss of 8.25%, or 66 cents, and settling at 7.34, with trading volumes surpassing 9.6 million shares, nearly a million shares above 10-day averages. 

The stock is declining amid negative signals from the RSI after reaching overbought levels, while seeking a bottom to bounce it higher anew, amid the dominance of the main upward trend in the short term, leaning thereafter on the support of the 50-day SMA. 

Therefore we expect the stock to return higher, targeting the resistance of 8.36, provided the support of 6.00 holds on.

Trade US Stocks with 1:50 leverage

Expected trend for today: Bullish