$Mineral Resources Ltd (MIN.AU)$ shares fell 3.75% on Wednesday, with trading volume expanding to A$53.34 million. Mineral Resources has fallen 26.99% over the past week, with a cumulative loss of 47.43% year-to-date.

Mineral Resources's technical analysis chart:

Technical Analysis:

• Support: A$35.76

• Resistance: A$54.53

• Price range A$35.76 to A$54.53: The trading range indicates a heavy concentration of selling orders, with the stock price on an downward trend. There's a high concentration of trapped positions within the trading range, which implies strong resistance to any upward movement. The stock started to decline near A$54.53 due to selling pressure and repeatedly touched the A$35.76 level, where it seems to find some support. Going forward, it's crucial to watch whether the support at A$35.76 holds and if it can lead to a potential rebound.

Market News :

• Mineral Resources unveiled its 2024 Annual Reporting Suite on October 21, 2024. The company achieved a milestone by delivering the first ore shipment for Onslow Iron ahead of schedule, an impressive feat accomplished just 21 months after the final investment decision. It also marked a record production high from its Mt Marion and Wodgina lithium mines and successfully completed the acquisition of the Bald Hill lithium mine in the Goldfields region. The record earnings from Mining Services were further bolstered by a growing client base, with the addition of six new contracts and three contract renewals. Moreover, the Energy business segment celebrated further successes, including the appraisal wells at Lockyer-3 and Lockyer-5, which indicated significant volumes of high-quality, clean gas.

• The founder and Chief Executive , Chris Ellison, admitted to not disclosing revenue from certain sales contracts signed with the company to the Australian Tax Office, prompting the engagement of an external legal counsel to investigate the CEO's sales contracts.

• Barrenjoey reduced its price target for Mineral Resources by 22%, setting a new target at A$42.00 per share. Additionally, Citi downgraded its rating for Mineral Resources from 'Buy' to 'Neutral'.

Overall Analysis:

Fundamentally, focus on the company's performance and operational status. Technically, pay attention to whether the support levels hold and if the resistance levels can be effectively breached.

In this scenario, investors should adopt a cautious strategy, setting stop-loss points to manage risk and maintaining ongoing vigilance regarding company developments and market conditions.

Source: Mineral Resources, Bloomberg