Wizard Flags Possible Bottom For Resources

This story features BHP GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: BHP

Yesterday may well have been the day the Australian resource sector found a bottom, the Tech Wizard suggests. Big guns BHP Billiton ((BHP)) and Rio Tinto ((RIO)) put in a solid performance and they, and other smaller miners, closed the session well bid.

The Wiz draws special attention to the following chart for mining and energy engineering service provider Monadelphous ((MND)). The last time Mona hit the $12-13 range it found a bottom before rallying to new highs.

The next few weeks are crucial for a lot of resource stocks, says the Wiz, as most of them are at similar critical  levels of support.

Note that the Wizard saw these portents in his bubbling cauldron late yesterday, oblivious to the Wall Street rally that was to come.

Or was he?

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