Kumba Iron Ore Limited Stock Forecast
Kumba Iron Ore Limited stock downgraded to Sell Candidate
(Updated on May 31, 2024)
The Kumba Iron Ore Limited stock price fell by -4.19% on the last day (Friday, 31st May 2024) from $8.92 to $8.55. During the last trading day the stock fluctuated 2.92% from a day low at $8.55 to a day high of $8.80. The price has fallen in 5 of the last 10 days and is down by -12.53% for this period. Volume has increased on the last day by 670 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, 1 thousand shares were bought and sold for approximately $9.18 thousand.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $8.35 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 10.36% during the next 3 months and, with a 90% probability hold a price between $9.22 and $11.30 at the end of this 3-month period.
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KIROY Signals & Forecast
There are few to no technical positive signals at the moment. 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. On corrections up, there will be some resistance from the lines at $9.43 and $8.91. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -15.76%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Kumba Iron Ore Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Kumba Iron Ore Limited stock
Kumba Iron Ore Limited finds support from accumulated volume at $8.20 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 $0.250 between high and low, or 2.92%. For the last week, the stock has had daily average volatility of 1.79%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (KIROY) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Kumba Iron Ore Limited to open at $8.63, and during the day (based on 14 day Average True Range), to move between $8.19 and $8.91, which gives a possible trading interval of +/-$0.362 (+/-4.23%) 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 8.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.60 (0.58%) than the support at $8.20 (4.09%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Kumba Iron Ore Limited stock A Buy?
The Kumba Iron Ore Limited stock holds several negative signals and despite the positive trend, we believe Kumba Iron Ore Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.951 Sell Candidate Downgraded
Predicted Opening Price for Kumba Iron Ore Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $8.63 ( 0.97%) | $8.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KIROY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.88 | 3.90 % | |
| R2 | 8.79 | 2.78 % | ||
| R1 | 8.73 | 2.09 % | ||
| Current price: | 8.55 | |||
| Support | S1 | 8.54 | -0.142 % | |
| S2 | 8.48 | -0.83 % | ||
| S3 | 8.38 | -1.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.80 | 2.91 % | |
| R2 | 8.73 | 2.11 % | ||
| R1 | 8.60 | 0.585 % | ||
| Current price | 8.55 | |||
| Support | S1 | 8.20 | -4.09% | |
| S2 | 8.04 | -5.96% | ||
| S3 | 7.76 | -9.24% |
KIROY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 01, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.316 | 3.87% |
| 2 | Aug 05, 2023 | Aug 17, 2023 | Aug 31, 2023 | $0.302 | 4.00% |
| 3 | Jun 15, 2023 | Mar 16, 2023 | Mar 30, 2023 | $0.300 | 3.46% |
| 4 | Aug 13, 2022 | Aug 18, 2022 | Sep 01, 2022 | $0.565 | 7.62% |
| 5 | Mar 15, 2022 | Mar 17, 2022 | Apr 01, 2022 | $0.678 | 4.39% |
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