Kaz Minerals : A technical correction is coming
Entry price | Target | Stop-loss | Potential |
---|
GBX 304.2 |
GBX 0 |
GBX 326.2 |
+100% |
---|
The share is meeting an important level. We suggest caution because this point could stop the bullish trend.
Technically, the security could run out of steam close to the GBp 315 resistance. Indeed, the stock is moving in an upward trend in the short term but it could know a halt. In this context, the downward movement could improve and it should correspond to a return to GBp 237.6. Indicators show an overbought situation and thus confirm this scenario.
The upside seems limited as shown by fundamentals and technical configuration. In contact with the GBp 315 resistance, a movement of consolidation could return the stock towards the GBp 237.6 short term support. As a result, the most aggressive investors could take a short position at current prices but they need to set a stop loss above the resistance because the crossing of this level would invalidate our scenario.
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