Short trade for Kumba Iron Ore

Written by Odwa Magwentshu | 26 Jan 2018

Trade summary: Short KIO

Entry: 35500c

Stop Loss: 39000c

Target price: 30300c

The stock has been having a great rally and in recent months, having broken higher in mid-August after the company released strong numbers and reintroduced dividend payments to shareholders. The share price has begun to lose its momentum since the middle of January 2018. In the past week the share price has broken out of the upward channel. On the monthly chart for the share below, you will notice that the share has a historic resistance level at 38000c and struggled to remain above this level in January. Kumba Iron Ore short term price movement appears to be heading down towards 30300c as per my analysis above. I would look to enter the short trade at 35500c, with a stop loss of 39000c.

ALSO READ FUNDAMENTAL ANALYSIS HERE...

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

GT247.com: +27 87 940 6101

IT support & help desk: +27 87 940 6107

Client relations (new accounts): +27 87 940 6106

Sales: +27 87 940 6108

View full post