Synchronised Copper lows precede a 35% spike

Today BHP makes a bid to buy Australian listed, OZ Minerals (OZL:ASX) who happens to be predominantly a copper miner.

OZL’s stock price leaps 34%.

The board is rejecting the bid.

I think they should take it.

Recently, I wrote about the oversold nature of fellow copper miner, Sandfire Resources.

Sandfire’s stock price has risen 38% from its mid July 2022 low.

The price of Copper has climbed 40% since then.

In fact, the price of Chilean copper miner, Antofagasta (listed in London), Sandfire Resources, OZ Minerals and the price of Copper all exhibited my trifecta of a mean reversion to its 200 week moving average, trading to 2.5 standard deviations and registering a weekly Oversold RSI reading.

Those 3 charts are posted below.

August 8, 2022

by Rob Zdravevski

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