The recent speculative buy outlook on Kumba has been short lived, link below. Price has broken below 40800 and now 33991 becomes the next level of interest. The three wave move from 80338 to 33991 is a large zigzag and can be all of the correction but it can also be wave (W) of a combination corrective pattern. I will sit on my hands on Kumba and watch price as...
The bigger picture structure for Kumba is quite complex so I will be looking at price action only from the 20 March 2023 low of 40800. A recognizable price pattern is the three wave expanded flat for wave ((ii)). If 40800 holds, wave ((iii)) can take price beyond 56000 giving a good risk:reward trade. My conviction is not that high but trading is all about...
Price of Kumba Iron Ore is tracking the bearish thesis, based on previous cycle counts, we can be on the lookout for a bottoming within the shaded rectangle. Longer cycles cannot be dismissed entirely. (See previous forecast for context).
Break of Pennant technical structure on Kumba daily chart may target 560-600 in the short term
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.
Kumba Iron Ore (KIO, 46032c) | WEEKLY CHART | Two patterns to note: (1) A multi-year megaphone formation and (2) a potential bear flag structure. We COULD attempt to rally in the short term however a breach of the incline support may trigger a continuation to the downside opening up a medium term continuation short/sell opportunity. Last Idea: Short at R605 (07 June 2022)
KIO 30min chart has formed a nice rising wedge pattern which will confirm a long entry if we close above R445 Entry : Close above R445 stop : 434 target :462
A price action above 44100 supports a bullish trend direction. Crossed just above its 200-day simple moving average. Confirmation for further upside potential for a break above 45800. The first target price is set at 47200. The second target price is set at 49900. The stop-loss is at 43600 and will negate the bullish bias. Remains a risky trade.
A price action above 48000 supports a bullish trend direction. Increase long exposure for a break above 51300. Upside price potential at 54300. Downside price potential at 46300. Negate the bullish stance for a break below this level. Remains above its 200-day simple moving average. The price action might attempt leg 3 of the megaphone pattern.
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.
As shown on the daily chart, KIO has steadily been making lower highs from the boom period of 2021. This chart does not bode well for the price with their earnings due on 21 Feb. Momentum indicators are looking lackluster to say the least and from a fundamental point of view, I think supply chain issues and Eskom has hampered production and delivery. I have a...
If 470/480 can hold as support we may get a bounce back to 550; which area need to give in to expose 640 as next possible target!
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!
KIO is breaking out of a bull flag which should target around R500 as a minimum. Longer time frame (possibly weeks) there is overhead minor overhead resistance around R550 and thereafter yellow TL (resistance) should come into play at which point I would expect a pullback.
Kumba reached its 200dma and has clear resistance at these levels... (61.8 retrace) Looking for a pullback towards the R425 level initially. Stoploss is a daily close above R502