JSE:KIO has broken out of a descending triangle pattern and has triggered our long position. Target is at the 560 level with a stop loss below the base of the triangle.
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 previously formed on KIO. It then moved into a sideways pattern, making a rectangle (Box). Now we need the price to break out of it, before a decent trade lines up. 7=21>200 - Bullish RSI>50 - Bullish Target R686.33
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!
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.
We have entered a short on JSE:KIO based off of the stochastic, MACD and EMAs all pointing downwards. Aiming for the 377 level for our target.
Two days ago, JSE:KIO formed a hammer candle and this was confirmed by yesterday's price action. A hammer is a bottom reversal signal and I think we could see a move upward towards the 52000 resistance level.
After a very successful long position (link attached below), JSE:KIO has bounced off of the strong resistance level at around 67000 and seems to be on the way down. This is being confirmed by our momentum indicators, the stochastic, MACD and potentially the EMA's with today's move. If it confirms, potentially, we could go down to around 58000 - 59000 area.
JSE:KIO is showing great upward momentum in the stochastic, MACD and with the crossing of the 3 and 15 EMA's. It has also recently found support and bounced nicely off of the 200 SMA. I think we could see an upward move to at leas the 68000 resistance level, if not higher.
JSE:KIO seems to have failed to make higher highs around the resistance level of 66000. It also formed a shooting star reversal pattern two days ago. This, coupled with the turning down of the stochastic indicator could mean we are in for a downward move.
JSE:KIO has broken an upward trend and it looks like a reversal could be happening. Stochastic and MACD are confirming with their downwards cross. We could see a move downwards to either the 56000 or 48000 support levels.
JSE:KIO has formed a double bottom with the last couple of days' movement. A doji formed on the 29th of October followed by a hammer candle which can be both seen as reversal signs. The double bottom, candle patterns, MACD and stochastic are all pointing upwards, so I will consider a long position if it trades higher.
JSE:KIO is heading upward for a long position. The MACD, Stochastic and EMA's are all showing confirmation for a move to the upside. This coupled with the fact that it has recently made 2 higher lows and fails to break lower, could mean a nice move upwards to the previous resistance level.
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