Synchronised Copper lows precede a 35% spike
August 8, 2022 Leave a comment
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
rob@karriasset.com.au
rob zdravevski's blog 