KIO Short Term Trading Plan

The share has sold off from around the R725 level to R646 at the last close, with the channel in place since mid-March breached to the downside. In the short term, the swing lows (R633-638) of 03-May offer a level of interest for short term traders looking for a rebound (expect this level to overshoot to the downside but use the reclaim as a buy/long trigger). On the short/sell side, the 687-693 area offers a distribution zone to short back to the large channel support. The potential price path is highlighted on the daily chart. Please note, if the price displays negative price action at the swing lows, then the 'rebound' long will be considered invalid.