The Resources Sector fared noticeably better than the banks yesterday with the likes of mining giants RIO and BHP now only a few percent away from our initial targeted buy zones. Heavyweight BHP for example looks good risk / reward buying around $44, or ~3% lower. Similarly strength was exhibited by other stocks in the sector we are considering such a OZ Minerals (OZL) and South32 (S32) both of whom held above last week’s lows all-day, even as the market struggled around them i.e. stocks that rally / hold in face of bad news are generally bullish.
MM likes BHP around $44
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