Real-Time: 11h15
Ticker: KIO
Text From Image Below:
Less than 1 year ago, overbought levels on KIO offered a level to sell into. From R620, we have seen the price decline to R320. Now, it might be time to reverse this view. A high risk idea, with macro headwinds that have persisted for an extended period, however, at or around the current range, the reward-to-risk favour a buy/long position. Traders could consider starting a position. Key drivers include: (1) the two day candle structure reflecting buying interest (2) the presence of oversold conditions on both the daily and weekly charts. Note: we could see lower levels and a base develop before a bullish reversal commences. As always, traders could consider the following if/when the prices approaches the target: bank/take profit, partially scale out, adjust the stop-loss to protect profits. Time Stop: Friday, 17 January 2025.
Same Image. Enlarged, highlighting the levels.
Lester Davids
Analyst: Unum Capital
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