I'm not a big fan of going against the trend but this weekly candle plus the point of resistance just seems too good. A close on the daily below R550 triggers the short trade with a stop loss above a close of R580. Targets are R525 and R475. Worth noting that a weaker ZAR and stronger commodities price may turn this trade around so keeping an eye on those fundamental plays will be key for this trade to work out or fail.
Ordre annulé:
Trade never triggered as there were no days where KIO closed below R550 on the daily. Also Friday's close was strong into the end of the week so candle formation for the week is bullish.