Technical outlook – As we gaze over many patterns and signals to establish the trend, it is viewed from the broader pattern that the signals for OZ Minerals Limited (OZL) share price may soon transpire into a broader uptrend pattern.
Tracking other technical indicators, a commonly used tool among technical stock analysts, is that the Moving Average Convergence Divergence (MACD) which is a trend-following momentum indicator that shows the relationship between two moving averages of prices, which in terms has now broken over the 0.00 axis.
Combining this with the 3-day lookback Relative Strength Index (RSI) now gives the marriage for both these indicators to a potential bullish outcome (breakout – bull-run).
With further investigation, we can see a potential rebound from $9.50 to $11.00. Reassess from there.
Company Overview – OZ Minerals Limited (OZL) is an Australian based mining company with a focus on copper. OZL has interests in Prominent Hill Project, Carrapateena Project, West Musgrave Project in Australia and various other projects in Brazil. Former Names: Oxiana Resources NL (OXR) 18/07/2003; Golden Plateau NL (GPL), 30/04/1996. Oxiana Limited (OXR), 22/07/2008.