The stock of KGHM PolskaMiedź S.A. is attracting the high attention of investors and traders. It has demonstrated an impressive rally since our initial article from August 2020. As a matter of fact, advance of indices on the one hand and powerful acceleration in commodities like copper and silver on the other have provided a double effect on the price behavior of the KGHM. Here, we present an updated view and the outlook for the stock which one can trade under tickers $KGH at WSE and $KGHPF in the US in form of ADRs.

KGHM monthly Elliott Wave analysis 

The monthly chart below shows the KGHM shares $KGH traded at Warsaw Stock Exchange. First, from the all-time lows, the stock price has developed a cycle higher in wave (I). Hereby, KGHM has printed atop in October 2007 at 145. Since the red wave III of blue wave ((I)) shows a price separation higher, the cycle up is obviously an impulse. From the highs, a correction lower in wave (II) has unfolded as a zigzag correction being a 5-3-5 structure. It has found an important bottom in October 2008 at 20.10.

From the 2008 lows, another motive cycle has started. KGHM has broken the 2007 highs at 145 in a 5 waves move in the red wave I. Hereby, the share price has printed a high in April 2011 at 200.30.  From there, a multi-year correction in wave II has started.  Hereby, one can recognize a double three pattern. It has ended in March 2020 with a capitulation move down to 48.

From the March 2020 lows at 48, KGHM has started a new cycle higher in wave III of (III). It has been confirmed by breaking to the new all-time highs. The target area for wave III to end is 229.05-340.55 and possibly higher. As of right now, the first leg up has reached already the minimum expectations. It is the preferred view that the leg up is the wave ((1)) of III being still in progress. Once finished, a pullback in wave ((2)) should find support in 3, 7, 11 swings above March 2020 lows at 48 for a rally to new highs.

Monthly

KGHM daily Elliott Wave analysis 

The Daily chart below shows in more detail the advance higher from the March lows at 48. The cycle up within wave ((1)) remains still intact and might be currently in the wave (5) of ((1)). Together with major indices and copper, expect the march 2020 cycle to continue. However, the major advance within wave ((1)) might be over. Now, a wave (5) can drift sideways to higher in form of an ending diagonal. Investors and traders should be looking to buy wave ((2)) in 3, 7, or 11 swings against the March 2020 lows for another extension higher in wave ((3)).

Daily

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD loses 1.21 as the dollar extends its gains

EUR/USD has dipped below 1.21, some 70 pips down on the day as the dollar recovers alongside Treasury yields. US Consumer Sentiment beat estimates with 86.4 points. 

EUR/USD News

GBP/USD retreats amid UK GDP miss, reopening concerns

GBP/USD is hovering around 1.4150, down on the day. UK GDP missed with 2.3% in April and a four-week delay to Britain's reopening is speculated. The greenback is gaining some ground.

GBP/USD News

XAU/USD drops back below $1900, as US dollar rebounds ahead of data

Gold price has retraced below the $1900 mark once again, having tested Tuesday’s high near $1903. The latest leg down in gold price comes on the back of a tepid bounce staged by the US dollar, as the Treasury yields trim losses across the curve.

Gold News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more

Forex MAJORS

Cryptocurrencies

Signatures