KUMBA IRON ORE LTDShort
KIO
Looking at my model, yesterday's EOD/today's pre-market data for the share read as follows: "Near Overbought - Look for 1-3 days upside before a potential decline". The R600-R610 zone has been of interest to me, that being the declining trend line (potential resistance) and the 61.8% FIB retracement. I think the market might try to attack this zone once again however at current levels, it appears extended to the upside with the candle structure (see current candle) suggesting possible exhaustion.
Yesterday's 7-DAY RSI was 74 (strong but near overbought).
Provisional Trading Levels:
Short R600-R610
Stop-loss R622
Target: R555
Current: R593
Yesterday's 7-DAY RSI was 74 (strong but near overbought).
Provisional Trading Levels:
Short R600-R610
Stop-loss R622
Target: R555
Current: R593
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