Update – Kumba Iron Ore (KIO) – 04/07/2018
Kumba Iron Ore (KIO) has finally reached our first target price of 32499c and it has been a real roller-coaster ride on the stock and throughout the mining sector.
Outlook: more volatility is expected over the short term on Kumba Iron Ore (KIO)
Ways to proceed: (Two possible options to manage your trade)
- Move stop loss to entry and take half profit.
- Move stop loss to entry and let it ride if you haven’t closed out the position.
14 May 2018
Trade idea on Kumba Iron Ore Limited (KIO)
The price action in Kumba Iron Ore Limited (KIO) has been trading in a descending channel since January 2018 until the end of March 2018 where the price found support at 25985c. As seen in the chart the price has been consolidating sideways between the 25985c level and 29596c where the price is finding some resistance.
Note: the price needs to break clear and preferably close above the 29596c resistance level as the price can retrace down to the bottom of the sideways channel.
Full trade summary detailed below:
Trade: Kumba Iron Ore Limited (KIO)
- Entry (Buy): 30341c
- Stop loss: 26900c
- Target price 1: 32499c
- Target price 2: 35040c
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