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
Still some way to go before Kumba can re-establish its uptrend. First level that buyers need to overcome is the 430 level which is coinciding with the 100dma.
A slide from this morning's research note: Kumba Iron Ore (KIO) | On Wednesday, the data suggested an ultra short term overbought rating, with a subsequent unwind to close the session -4.40%. The 8-EMA has crossed above the 21-EMA (both of which are starting to rise). The share could re-test the 8 21-EMA range or slightly below it at the prior breakout level at...
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.
Kumba hit the 370/380 TP target earlier this week; reaching lows below in 366 yesterday's session. *Original idea below!
I'd should have bigger targets, right? That short from R600-R610 is now 35% in the money. Original idea attached.
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.
The dividend darling seems to be completing a wave 4 of (3) with a running flat. I anticipate a rally to around the 80000c region.
Head & Shoulder pattern developing on the daily chart, whose neckline is also acting as trendline support. Should it give in, it may take us to 370/380.
A bearish trend is applicable below 53700. Crossing above this level will negate the negative stance. The level 51300 acts as further bearish trend support. Consolidation around 48900 to 52100. Crossing below 48900 will target 45700. A break above 52100 will be the first sign of strength in the share. Remains a risky trade.
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.
Original idea attached (Tuesday 07 June). An update on the recent short idea. Sell range was R600-610. Target was R555 (reached on Friday). Today we extended those gains with a move to down to R542. Bank/Take Profit. Currently R548.
Looking at my model, yesterday's EOD/today's pre-market data for the share read as follows: "Near Overbought - Look for 1-3 days upside before a potential decline" . The R600-R610 zone has been of interest to me, that being the declining trend line (potential resistance) and the 61.8% FIB retracement. I think the market might try to attack this zone once again...
Market did not react well on KIO statement. First level of support i will be watching is the R545 area. Trade ideas are my own and not financial advice.
classic cup and handle with the target around 820. idea supported by the uptrend line.
KIO developing a possible bull flag pattern. One to keep an eye on if the pattern confirms. Trade ideas are my own and not financial advice.
My kind of pattern developing on Kumba; bull flag. Has a measured target around 750-800.