Kumba Iron Ore: KIO - Short-Term View
Kumba Iron Ore has managed to tick most conditions set in October 2022 (see linked idea). We are now approaching the green line while the 
DXY is looking to put a reversal. We will be looking at price interaction with the green resistance line. We might see a pullback right below the line which can appear to be consolidation. However some profits can be harvested here. Price can trend downwards again towards the green support line. Iron Ore Futures are sitting on 200DMA, a break to the downside also cements a bearish view into May/June.
DXY is looking to put a reversal. We will be looking at price interaction with the green resistance line. We might see a pullback right below the line which can appear to be consolidation. However some profits can be harvested here. Price can trend downwards again towards the green support line. Iron Ore Futures are sitting on 200DMA, a break to the downside also cements a bearish view into May/June.Note
Kumba is approaching a bounce zone, ideally we want that bounce to be weak & we resume downtrend towards the green support & going below R339.91, this will reset the weekly cycle and present another great buying opportunity.Note
The KIO cycle has failed, we can expect a bearish trend to persist perhaps into another short weekly cycle.Trade fermée manuellement
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.