Kumba remains in its downtrend range - Which way to break?
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 levels to watch.
For example, if the price breaks above R483.00, it'll give a great signal to go long and hold until it reaches a target of R600.00
If the price breaks down then the likelihood of a target with be R280...
This is a classic example of a Neutral trade with a strong trading plan of action.
Now we wait.
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 levels to watch.
For example, if the price breaks above R483.00, it'll give a great signal to go long and hold until it reaches a target of R600.00
If the price breaks down then the likelihood of a target with be R280...
This is a classic example of a Neutral trade with a strong trading plan of action.
Now we wait.
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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