KUMBA IRON ORE (KIO) - WEEKLY CHART ANALYSIS
KIO is currently hovering around a strong support zone, which aligns closely with the levels we saw back in September/October 2022 when China introduced additional stimulus measures following the May and August rounds. This support has held firm since April 2020, making it a key area to watch.
Looking at the RSI, in 2022, we saw a downtrend break on the RSI, which triggered a significant 60% price move over the next 105 days. Currently, the RSI is teasing a similar scenario, testing the downtrend line. A break above it, combined with potential stimulus from China, could signal a similar rally. Keep an eye on this zone for a potential bullish move
KIO is currently hovering around a strong support zone, which aligns closely with the levels we saw back in September/October 2022 when China introduced additional stimulus measures following the May and August rounds. This support has held firm since April 2020, making it a key area to watch.
Looking at the RSI, in 2022, we saw a downtrend break on the RSI, which triggered a significant 60% price move over the next 105 days. Currently, the RSI is teasing a similar scenario, testing the downtrend line. A break above it, combined with potential stimulus from China, could signal a similar rally. Keep an eye on this zone for a potential bullish move
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.