MM cut our QAN holding back in mid-July adding to OZ Minerals (OZL) and IGO Ltd (IGO) with some of the money, obviously not all switches work out this well but today we are considering what next for QAN after it’s failed to meaningfully bounce from its 2022 low. While we no longer see any reason fundamentally or technically to wade back into QAN a “false dip” towards fresh 2-year lows we believe will offer some reasonable risk/reward.
- We are unlikely to buy QAN into weakness but it could be a useful barometer for an index low if do indeed see another downturn.
MM can see QAN bottoming out around $4
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