OZ Minerals Limited (OZL) is an Australian based mining company with a focus on copper. OZL owns and operates the Prominent copper-gold mine and the Carrapateena copper-gold mines in South Australia.

The daily chart below shows signs of the share price rebounding after an extended down trend. The price has formed a bottom reversal inverse head and shoulders pattern .The share price has been limited by resistance of $4.00 which has been tested on three occasions over the past three months. Tuesday saw a breakout above the resistance level with the share price closing at $4.08.

The other significant thing that happened was the price was able to close above the long term 200 day moving average which has started to move sideways after a long period of downward movement.

I have this on my watch list for a possible long position trade and will be interested to see how the price behaves from here. I will be looking for confirmation that the resistance breakout is sustained with the 200 day moving average providing support now that it has broken to the upside.

Happy Trading

Flavio