Mineral Resources: Downturn Complete

This story features MINERAL RESOURCES LIMITED. For more info SHARE ANALYSIS: MIN

By Michael Gable 

The consolidation that we saw in markets two weeks ago appears to be over just as quickly as it started. The S&P500 Index continues to trend nicely, but the Australian market has seen more volatility.

Today's chart is of Mineral Resources ((MIN)).

MIN has rounded out a low over the course of May to June and the range is getting very tight now, which is the prelude to a breakout.

The way MIN is trading here, it looks like it is very close to making an upside break. A push above $75 would be confirmation.

Current levels are a buy with a push above $75 an opportunity to add to the position. Initial stops can be considered under the June low.

If we were to see an upside break, then we would be looking at MIN heading back up to retest the $90 region.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services. 

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
 

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