City Trades: Go short on Kazakhmys.
Investors Chronicle - magazine and web content, June, 2009
Byline: Steven Mayne
TRADING IDEA: After a great run, it's time to think about shorting Kazhakmys
Along with the rest of the mining sector, Kazakhmys has proved a rich seam for buyers lately, but the next opportunity might occur on the short side, says Steven Mayne at Falcon Securities.
The share has now failed twice to break above an important Fibonacci retracement level at 775p. This level provides an ideal reference-point for stop-losses. Adding further weight to the bearish argument are sell signals on the MACD and stochastic oscillators, as well as a possible downtrend in the RSI. Target moves back to each of the red dotted Fibonacci retracement levels as shown.
IC Trades are written by Investors Chronicle writers. City...
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