Room To Run: Target of R386

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Kumba Iron Ore is higher by 32% from our 18 June note (see reference on chart).
The share is has also advance from our updated view most recently at R328 where we highlighted the strong strong and potential for upside continuation.
The daily and weekly time frames reflects a high bullish momentum (approaching overbought) phase while the monthly time frame can be categorized as a 'buy continuation'.
While short term pullbacks are likely, we remain constructive over the medium term with an upside target of 3863c to 39626c

Previous Post (19 November 2025): Impressive Price Action ~R328. Potential Upside Continuation

Lester Davids

Senior Investment Analyst: Unum Capital

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