Mineral Resources isn’t a pure play Li stock but its where the company’s growth is perceived to come from; hence, it’s dancing to the same tune as PLS. It’s easy to think that MIN has simply come down to 3-month support, but the downside momentum combined with the 3-pronged negative news makes us feel it is likely to break lower.
- MIN on track to test major support ~$48, or 12% lower.
MM is neutral to bearish towards MIN around $54
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