Kumba Up Against Resistance with Little Fuel

Kumba is back against a resistance that has rejected price now for the third time, we ended the week with an evening star candle formation. We can see the triple top that is likely forming. The 200 day moving average is just below but the overbought indicators warn us that we will not find strong enough support there. We have higher confidence in price reversing given that price at 21 August is lower than that at 20 March 2023, price is in yearly decline.

Price closing above R545.66 on a weekly basis is a stop-loss.

Trade closed: stop reached