South32 has been under Algo Engine sell conditions since forming a lower high pattern back in February at $4.00.
Weak alumina and coal prices saw 3Q19 earnings miss analysts forecasts. We now downgrade the earnings outlook by 15% and remain cautious on the prospects of a near term turnaround.
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Ongoing declines in spot alumina and thermal cost prices, combined with rising costs, will translate to weaker earnings over the next 2 -3 years.
