Here is an On Balance Volume chart of KXL on stockcharts.com

What it's about - buying volume (the day ends higher) moves the indicator up, selling volume (the day ends lower) moves it down. The idea is that even if the price is falling a bit, if the volume isn't much, then the indicator stays pretty robust.

Which is the case with KXL. Joe Granville's idea (seen him speak many times, permabear and gold bug) is that 1) a soft drawn-down of price is just cheap shares moving from retail investors to the institutions (strong hands), and 2) volume is a leading indicator.

So yes, the indicators are still very positive for KXL - OBV indicator is way positive, basically because a lot of people bought into KXL recently at higher prices and big volume. That resets the indicator.

Thanks for bringing this up / cedartree