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.
Comment:
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.
Comment:
The KIO cycle has failed, we can expect a bearish trend to persist perhaps into another short weekly cycle.
Trade closed manually
