Koss Share Price: Bulls Must Break 9.25 for Further Advance

Summary:

The Koss share price is fighting to get back into double-digit territory, with the bulls needing to take out 9.25 to get there.

The Koss share price is trading at 9.25 in premarket trading, lower than Monday’s closing price of 10.25. Yesterday’s 24.24% gain in the Koss share price allowed it to gain a retrial of the attempt to break the resistance at 9.31 (26 January 2021 low). Tuesday’s price action will showcase a battle to take out this key resistance level.

Koss Corporation was one of the meme stocks that took the market by storm in 2021, reaching as high as 127.45 on 28 January 2021 before its massive crash, which took it into single-digit territory. Unfortunately, recent attempts at pushing into double-digit price territory continue to suffer setbacks, with the latest attempt on 23 March being rebuffed soundly by the bears.

Koss Corporation has recently found itself in troubled waters after an international arbitration tribunal found that the company violated a confidentiality agreement it had entered into with Apple Inc.

Apple Inc has since asked a California Federal Court to affirm this proclamation and find the company guilty of copyright infringement. The case led to the latest onslaught against the Koss share price, which sent it as low as $5.89 before the bulls staged a 3-week long comeback as of writing.

The 9.31 resistance is the milestone that the bulls need to surpass to extend the recovery towards the 11.79 resistance (4 January high). Above this level, the 15.59 resistance, formed by previous lows of 13 May and 7 October 2021, lies ahead. If the bulls uncap this barrier and keep driving an advance, 17.85 (3 November 2021 high) and 20.57 (13 May and 13 August 2021) are additional northbound targets available only when 15.59 gives way.

On the flip side, a rejection of the advance at 9.31 allows the bears the opportunity to restart the selloff. This renewed selloff would target 5.95 (15 March low) as the initial point of contact before 2.92 comes into the picture as another target to the south. Only when 2.92 gives way can we see previous lows last seen on 29 December 2020 at 2.24.