If the Iron Ore price manages to break above the $104.00 level which is the bottom of its medium-term bull channel, the Iron Ore price could rally further in our view.
The Iron Ore price has reached the resistance level of the large triangle formation level at R116.00 and needs to break upwards out of this formation to move higher, in our view.
KIO made a short-term positive break by breaking upwards through its downwards sloping resistance level R452.00.
The share could potentially test the resistance level at R565.70 with this positive break.
KIO is approaching the targeted resistance level of R565.00 and if breached to the upside it could potentially rally further.
Vale made a short-term positive break by breaking upwards through its downwards sloping resistance level at $14.95.00.
The share could potentially test the resistance level at $20.00 with this positive break, in our view.
Vale has been trading higher but has not reached its target level of $20.00 yet but is getting close.
Rio Tinto made a short-term positive break by breaking upwards through its downwards sloping resistance level at $49.30.
The share could potentially test the next resistance level at $54.70 and if breached on the upside it could potentially test the resistance level at $60.80, in our view.
Rio Tinto looks set to break higher and could potentially test the resistance level at $64.60, in our view.
This report provides a technical analysis of Iron Ore, KIO, VALE & RIO Price Target Updates.
