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Keel Infrastructure Corp. (KEEL) stock is experiencing a pullback from its late-September highs, slipping from $4.15 to about $3.59 despite securing a major government infrastructure contract. While the company boasts significant revenue and a large cash reserve, it remains deeply unprofitable with negative margins and high leverage, trading at rich multiples. Traders are observing key price levels, with potential for a break above $3.72 or below $3.37-$3.40 to dictate its next move, highlighting its speculative nature for active traders.