VillageTraderZA

Nice bullish flag breakout

Long
JSE:KIO   KUMBA IRON ORE LTD
The stock had a strong day on a on Friday closing inside the R680 - R792 breaking out of the bull flag . I wanted to enter the trade on the break. However the stock ran away from me, I was going to add into the position as it moves to the R680 - R792 box. I’m going to take the trade market open on Monday.

Trade mechanics

Account balance :R7232
2% maximum risk: R144.64
Entry: R680.4
Stop loss: R615.54
Risk per share: R64.86
Quantity: R144.64 / R16.07 = 2.2

Comment: We had a close above R674 in was seems to have been a false break. I’ve added to the position. Now waiting for a close above R680, to move my stop loss. Looks like the stock is having a tough time breaking the R680 resistance

Position update
Average Entry: R645.8
Quantity: 7.8
Stop loss: R630.18 (-R15.02 risk per share)
Profit/Loss if stop is hit: -R117.16 (-1.58%)

Comments

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