Copper is now trading 50% below 2010 high. We recommend buying OZ Minerals as a proxy for long copper and gold. OZ Minerals has an expanding production profile as the Carrapateena copper-gold mine in South Australia comes online.
Buy Oz Minerals at $7.25
DON’T MISS OUT – Registrations are still open for Monday’s Opportunities in Review webinar.
SPECIAL SEGMENT: Normally our market analysis focuses on medium-term investment trends but with the increase of “work from home” hours in most people’s lives, we’ve created a special segment in this week’s “Opportunities in Review” webinar where we will cover strategies for day trading the current market volatility.
Webinar: The Importance of Accurate Price Valuations in a Volatile Market.
Leon will be hosting our next webinar on Monday at 11:30am (NSW Time).
Please use this form to register for the webinar. You will be emailed with a link when the webinar begins.
Suncorp has selling resistance at $9.61 and we expect continued downside pressure on the share price.
Short-term traders may wish to track TWE on the open and run a stop loss below the $9.65
Amcor look for short-term momentum indicators to roll over and selling resistance to build within the range indicated below.
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Earlier this week European banks announced they will be suspending dividends. If the banks are to receive bailouts from the central banks, this will likely follow in other countries.
RBNZ today announced it has agreed with the banks that during this period of economic uncertainty there will be no payment of dividends on ordinary shares.
Downside risks remain for Australian banks and we identify short term resistance in ANZ as an example of the price pattern playing out across the sector.
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Evolution Mining has completed the Red Lake acquisition and we expect the turnaround to evolve over time, adding over 130oz of production.
Accumulate EVN at the current price.
Northern Star Resources is under Algo Engine buy conditions and is a current holding in our ASX 100 model portfolio.
We see value emerging in NST and suggest investors continue to accumulate at the current price level.
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