$Mineral Resources Ltd (MIN.AU)$ shares fell 8.47% on Monday, with trading volume expanding to A$108.85 million. Mineral Resources has rose 8.53% over the past week, with a cumulative loss of 46.88% year-to-date.
Mineral Resources's technical analysis chart:
Technical Analysis:
Support: A$33.15
Resistance: A$54.75Price range A$33.15 to A$54.75: 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$54.75 due to selling pressure and repeatedly touched the A$33.15 level, where it seems to find some support. Going forward, it's crucial to watch whether the support at A$33.15 holds and if it can lead to a potential rebound.
Market News :
Mineral Resources announced that its board considers Ellison to have sometimes lacked integrity and not been fully transparent. They also believe he didn't clearly separate personal from company interests and didn't prioritize timely disclosure of potential conflicts, the company noted.
Chris Ellison, the founder of Mineral Resources, will remain as the Managing Director while accelerating the leadership transition over the next 12 to 18 months. Additionally, he faces an A$8.8 million fine and potential salary losses up to A$9.6 million imposed by the Board due to investigations into his private tax settlements and conduct.
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
