JSE:KAL reached highs of R58.50 in January 2022 and had a major sell off since then, painting a lower high at R45.25 and two lows around the R34.50 area.
Price has been caught in a mini rising channel after testing the R34.50 area and had a bearish reaction at R38.50 in the area of "no man's land" (between the 21 and 50 Week EMAs). This could be a warning that the Bears are now fueled up and ready to continue pushing price lower.
First stage of confirmed continued bearishness will be when the instrument slips below R36.00, with the second and fierce stage being when the instrument slips below R34.50 area as price may want to retest the R23.00 and R14.00 levels.
Weekly RSI is bearish and pointing down and it has crossed the smoothing line to the downside. Stock is trading below the 21 and 50 Week EMAs.
Only above R39.00 will bearish sentiment be partially off the table, or upon a bullish divergence between price and the Weekly RSI when price reaches the R34.50 area.
Price has been caught in a mini rising channel after testing the R34.50 area and had a bearish reaction at R38.50 in the area of "no man's land" (between the 21 and 50 Week EMAs). This could be a warning that the Bears are now fueled up and ready to continue pushing price lower.
First stage of confirmed continued bearishness will be when the instrument slips below R36.00, with the second and fierce stage being when the instrument slips below R34.50 area as price may want to retest the R23.00 and R14.00 levels.
Weekly RSI is bearish and pointing down and it has crossed the smoothing line to the downside. Stock is trading below the 21 and 50 Week EMAs.
Only above R39.00 will bearish sentiment be partially off the table, or upon a bullish divergence between price and the Weekly RSI when price reaches the R34.50 area.