Mineral Resources Shares Targeting $45

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

The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

Michael Gable of Fairmont Equities sees the good news story continuing for Mineral Resources shares

By Michael Gable

By Michael Gable 

The past week saw the S&P/ASX200 Index fall back a bit, but the bright spot has once again been the resources sector.

Gold and silver are breaking out, uranium stocks are on the move, and the lithium names continue to recover.

While the rest of the market struggles to make any headway, for now, we continue to see opportunity in the resource stocks.

Today, we offer a technical view on Mineral Resources ((MIN)).

We last looked at the MIN chart on 15 July when it was trading at $27.90 and noted it had bottomed out and was a buying opportunity.

After rallying towards $38, it then spent a few weeks trading sideways to consolidate.

The stock is now breaking out of this consolidation and this means that we have another buying opportunity.

We expect MIN to rally towards resistance near $45 before reassessing again. Initial stops can be considered back near $35.

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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