Australian miner Oz Minerals (OZL Stock) should continue higher

Oz Minerals is an Australian mining company. The main products are gold and copper. Formed in 2008 after the merger of Oxiana Limited and Zinifex, it is based in Adelaide, Australia. One can trade it under the ticker $OZL at ASE.

Since 2020, we see a strong rally in all metals. Therefore, one should expect mining companies to profit substantially from the rising prices of the underlying assets. Indeed, we see Oz Minerals turning higher from 2013 lows. Without any doubt, the rising gold prices since 2015 have supported the $OZL stock. Then, from 2020 lows, a strong push higher in Copper has provided an additional effect to the company stock. Now, we expect more upside in both gold and copper. Therefore, Oz Minerals should remain profitable for both investors and traders as it offers a considerable upside in the next future.

Oz Minerals monthly Elliott Wave analysis

The monthly chart below shows the Oz Minerals stock $OZL at ASE. From the all-time lows, the stock price has developed a cycle higher in wave (I) of a super cycle degree. Hereby, $OZL has printed the all-time high on November 2007 at 43.20. From the 2007 highs, a correction lower has unfolded as a zigzag correction in the blue wave (II). It has ended correcting the previous super cycle by printing an important bottom in December 2013 at 2.11.

From the 2013 lows at 2.11, a new cycle in wave (III) has already started. Clear break above 43.20 highs will confirm that. Right now, the wave (III) might be within a red wave I. Hereby, initial nest comprising waves ((1)) and ((2)) of red wave I has been formed. It has ended on March 2020. From the March 2020 lows, waves ((3))-((4))-((5)) should accomplish the wave I. Then, one should expect a pullback in red wave II and an acceleration higher in red wave III of the blue wave (III). The target for the wave ((III)) will be 45.14-71.79 area and possibly higher.

Oz Minerals daily Elliott Wave analysis

The daily view demonstrates the advance from the March 2020 lows in black wave ((3)). From the 5.83 lows, wave ((3)) shows an extension as it has clearly reached beyond the 1.618 multiples of the length of the wave ((1)). It has ended in May 2021 at 27.15. From the highs, a pullback in wave ((4)) should find support above 5.83 lows for an extension in black wave ((5)).

Traders can be looking to buy 3 swings lower into the balck wave ((5)). While below 24.60 highs, one can buy $OZL from 17.48-13.09 area. There, a rally to new highs or a bounce in 3 waves as minimum should be expected.

By contrast, long-term investors should wait for waves ((4))-((5)) of red wave I to end. Then, a consolidation lower in red wave II will provide a long-term opportunity in the monthly timeframe.

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.