Equities Local | Kumba Iron Ore | The inverse head and shoulder technical formation previously flagged at 385 has played out with the share reaching a recent high of 43428c. At current levels we have a moderate probability of a reversal with Friday's candle having printed a 'bearish engulfing' at the 200-day. Additionally, the RSI is starting to roll over while the medium term upward channel is at risk. Fresh longs should wait for a pullback to 380-385. Alternatively, a pop toward the 338/343 level is a fresh opportunity to potentially make a short term short sale.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.