Kumba Iron Ore has been moving in this consolidation flag range since January 2023... The price has indeed been making lower highs and lower lows. But which way is it going to break, I believe depends on the Resources index. As things look with the JSE ALSI, the downtrend is strong and more evident (despite this blip up). But regardless we have different...
With the past two days' price action, JSE:KIO has broken out of the bottom of a sideways consolidation that it has been trading in since early Jan. If all goes according to plan, we can expect a move all the way to the support level at the 417 area.
Cup and Handle has formed aver the last year. Price broke above the brim level but then moved sideways. During the time it was making higher lows which is bullish by nature, but we haven't had the push we need. Hence, the price is retesting the Brim which is forming a conservative entry for breakout traders. 7>21>200 - Bullish RSI>50 - Bullish Target R686.33
R360.00 is clear support here... as highlighted in yellow circles, march saw similar action where the stock consolidated just under the 200wma before igniting a rally of some proportion. Are we going to see something similar here?
PRICE Target 1 hit at R514.02 for Kumba Iron Ore. And immediately have a new formation form with a new Cup and Handle The second target 2 is R636.71 7>21 7 crossing 200MA Bullish bias Let's goo!
Kumba Iron Ore is has completed a Double Bottom pattern in a bullish momentum. Confirmed breakout above the 427 resistance. Target 1 @ 476 Target 2 @ 492 Target 3 @ 537
We recently shared a chart of JSE:KIO , then KIO was at the support level. JSE:KIO is currently below the support level, and there's above average selling volume. The stock might go lower.
JSE:KIO is at an area of value. The level provided support in Nov '21, will history repeat itself? One can always hope that the support will help, until it doesn't. Dividend came in for investors yesterday (EasyEquities platform). No position.
With a small bounce in Iron Ore spot prices, buyers step in to buy a heavily oversold KIO. A break above 47400 will confirm a change in trend direction.
I'm not a big fan of going against the trend but this weekly candle plus the point of resistance just seems too good. A close on the daily below R550 triggers the short trade with a stop loss above a close of R580. Targets are R525 and R475. Worth noting that a weaker ZAR and stronger commodities price may turn this trade around so keeping an eye on those...
Retracement is in order. Look to buy at TP2 area
- Price is at a major resistance level - Bear flag has developed - Closed wih an indecision candle (spinning top) - For a less risky entry, wait for the close below the flag on the daily - R:R is 1>2 - MANAGE YOUR RISK - Disclaimer: All ideas are my opinion and should not be taken as financial advice. JSE:KIO
Haven't called this stock too well this year, however after the magnificent rally we have seen of late, the stock may have gone too far too soon. Firstly if you look at purely the candlestick formation after today's trade, we are possibly witnessing the formation of an evening star reversal formation (tbc tomorrow). Secondly, we are starting to see volume...
- KUMBA IRON - looking bearish to me not much fundamentals looking to push it really high so i would remain bearish on this
Kumba's horizontal resistance coincides very closely with the 200 day moving average. Having broken below this moving average, it signals a sell on the stock. We are currently seeing a bounce to re-test that level as well as resistance...I'll be looking to short R314.00 for a downside target of R270.00. Risking only 2% of my portfolio, the stop loss is placed at...