KIO showing another bearish setup $JSEKIOKumba has been trading below it's 200 day moving average for the last 4 months and we have noticed most of the shorter term moving averages trending down and trading below this 200 day. This is evidence of a bearish trend and should see the stock move lower over time. We have recently tested the 200 day ma @ 286 and seen a quick rejection in price. We are trading in a bearish channel and will be looking for a close below the R275 support level to confirm the break down. Also interesting to note is that the Stochastic indicator is showing bearish divergence with the indicator having made a lower high, even though price made a higher high on the daily. Target of this move should then be R235.
