$Karoon Energy Ltd (KAR.AU)$ 's short term uptrend is nowher...

$Karoon Energy Ltd (KAR.AU)$ 's short term uptrend is nowhere near as impressive as PRU's, and its long term downtrend remains clearly pointing down.

Price action is rising peaks and rising troughs, however, which indicates a return to a buy the dip mentality among market participants.

The most impressive technical signal on this chart is today's large white candle with a close on the high of the session. This speaks of a confident burst of excess demand, and the high close indicates a high probability there's likely more demand remaining in the system.

Importantly, today's close is above the dynamic resistance of the long term downtrend ribbon. This is pivotal in changing the long term trend. The close also eclipsed historical supply at 2.04-2.05 and is just shy of the major peak at 2.11.

The next key historical supply points are at 2.24 and 2.43. The key historical demand point is 1.94. The short term trend remains intact while the KAR price continues to close above this level.