Kumba Iron Ore Limited Stock Forecast
Kumba Iron Ore Limited stock upgraded from Sell Candidate to Buy Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)
The Kumba Iron Ore Limited stock price fell by -1.91% on the last day (Tuesday, 25th Jun 2024) from $45,401.00 to $44,535.00. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 4.74% from a day low at $44,002.00 to a day high of $46,087.00. The price has been going up and down for this period, and there has been a -2.08% loss for the last 2 weeks. Volume has increased on the last day by 11 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 277 thousand shares were bought and sold for approximately $12.32 billion.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $43,700.07 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Kumba Iron Ore Limited stock with a 90% probability to be traded between $43,892.34 and $55,155.81 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
KIO.JO Signals & Forecast
The Kumba Iron Ore Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $45,937.43 and $49,133.80. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Wednesday, June 12, 2024, and so far it has risen 1.99%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Kumba Iron Ore Limited stock
Kumba Iron Ore Limited finds support from accumulated volume at $44,493.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2,085.00 between high and low, or 4.74%. For the last week, the stock has had daily average volatility of 5.24%.
Our recommended stop-loss: $42,281.27 (-5.06%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (KIO.JO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Kumba Iron Ore Limited to open at $44,874.67, and during the day (based on 14 day Average True Range), to move between $42,410.46 and $46,659.54, which gives a possible trading interval of +/-$2,124.54 (+/-4.77%) up or down from last closing price. If Kumba Iron Ore Limited takes out the full calculated possible swing range there will be an estimated 9.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $44,493.00 (0.09%) than the resistance at $45,500.00 (2.17%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Kumba Iron Ore Limited stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.492 Buy Candidate Upgraded
Predicted Opening Price for Kumba Iron Ore Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $44,874.67 ( 0.763%) | $44,535.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KIO.JO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 46,959.67 | 5.44% |
| R2 | 46,163.20 | 3.66% |
| R1 | 45,671.14 | 2.55% |
| Price | 44,535.00 | |
| S1 | 44,078.20 | -1.03% |
| S2 | 43,586.14 | -2.13% |
| S3 | 42,789.67 | -3.92% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 54,826.00 | 23.11% |
| R2 | 48,000.00 | 7.78% |
| R1 | 45,500.00 | 2.17% |
| Price | 44,535.00 | |
| S1 | 44,493.00 | -0.0943% |
| S2 | 43,944.00 | -1.33% |
| S3 | 43,668.00 | -1.95% |
KIO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 13, 2024 | Mar 13, 2024 | Mar 18, 2024 | $2,420.00 | 5.53% |
| 2 | Aug 16, 2023 | Aug 16, 2023 | Aug 16, 2023 | $2,260.00 | 5.64% |
| 3 | Mar 15, 2023 | Mar 15, 2023 | Mar 15, 2023 | $1,630.00 | 3.71% |
| 4 | Aug 17, 2022 | Aug 17, 2022 | Aug 17, 2022 | $2,870.00 | 6.62% |
| 5 | Mar 16, 2022 | Mar 16, 2022 | Mar 16, 2022 | $3,050.00 | 5.21% |
FAQ
Click here for our free guide on how to buy Kumba Iron Ore Limited Stock.
