OZ Minerals Limited is a mining company with a focus on copper. The Company's principal activities are the mining of copper, gold and silver, carrying out exploration activities and development of mining projects. The Company's segments are Prominent Hill, which is engaged in mining copper, gold and silver from Prominent Hill Mine, a combined open pit and underground mine located in the Gawler Craton of South Australia; which is engaged in exploration and evaluation activities. Other projects and include interests in Jamaica and Chile with Minotaur Exploration and Toro Energy Ltd.
The daily chart of OZL has recently completed a significant retracement of price from the $10.70 highs set in early June.
The retracement with 4 waves down has moved price back to an earlier support level at $8.90.
A final low at (4) showed a hammer candle followed by a higher low Doji, this type of price movement can be an early indicator of overall trend reversal.
The short down trend line has been broken with an expanding range Candle, this can also be the precursor to buyers showing control over the price.
A buy scenario is in place at these levels with the Stop loss level indicated at $9.10 below todays low and short term support level, price movement to this level would indicate strong selling and a bearish reversal.
