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KUMBA IRON ORE LTDKUMBA IRON ORE LTDKUMBA IRON ORE LTD

KUMBA IRON ORE LTD

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KIO trade ideas

Kumba Iron Ore Equities Local | Kumba Iron Ore | The inverse head and shoulder technical formation previously flagged at 385 has played out with the share reaching a recent high of 43428c. At current levels we have a moderate probability of a reversal with Friday's candle having printed a 'bearish engulfing' at the 200-day. Additionally, the RSI is starting to roll over while the medium term upward channel is at risk. Fresh longs should wait for a pullback to 380-385. Alternatively, a pop toward the 338/343 level is a fresh opportunity to potentially make a short term short sale.
JSE:KIO
by LD_Perspectives
Long Top5 oversold/overbought according to RSI & $JSEKIOEnd of week 5Apr19. When last did we see #Coronation in top overbought list? FTSE/JSE Allshare Top5 oversold/overbought according to 14day RSI indicator as follow: Fortress B 22 Omnia 23 MIX Tel 25 Nampak 27 Afrox 28 Alex Forbes 77 Naspers 74 Coronation 73 Kumba 71 African Rainbow Min 69 Spending a bit of time on Kumba. Nice recovery that started in January 2016, which saw the company move from R24 to the R450 recent levels (yep, that is close to 1800% in 3 years). The share however find itself at heavily “overbought” levels now, with a possible pullback that could be aggressive if found on the wrong side. If I was long in $JSEKIO, I would set my stop-loss at the 0.786 Fibonacci retracement support level at R418. A break through these levels could see the share most probably try and test the 50-day moving average at R376.40. According to Thomson Reuters consensus forecasts, analysts got a SELL on the company and see possible downside of -34% in the share price (expected one year forward) – Target price of R292.78, which is also more or less at the current 200-day moving average.
JSE:KIOShort
by SchalkLouw