Mid-Cap

Technical Analysis on One ASX-Listed Basic Material Stock – MIN

November 18, 2024 | Team Kalkine
Technical Analysis on One ASX-Listed Basic Material Stock – MIN
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MIN:ASX
Investment Type
Mid - Cap
Risk Level
Action
Rec. Price (AU$)

Company Overview: Mineral Resources Limited (ASX: MIN) operates as a mining services company in Australia, Asia, and internationally, offering contract crushing, screening, and processing; transport and logistics; site services; rehabilitation services; and design, engineering, and construction services for resources sector. This Report covers the Price Action, Technical Indicators Analysis along with the Support Levels, Resistance Levels, and Recommendations on this stock.

What’s Causing the Drop in Mineral Resources Shares?

Mineral Resources' shares are declining after a negative market reaction to a series of announcements. On November 4, 2024, the company revealed that its founder, Chris Ellison, would resign within 18 months due to an internal investigation that found he misused company resources and evaded taxes, including failing to report overseas business revenue to the Australian Taxation Office. Additionally, the company was questioned by the ASX about its compliance with listing rules regarding financial benefits to entities linked to Ellison. Mineral Resources disclosed AU$32.2 million in lease payments to these entities, admitting that some arrangements, such as rent relief for Ellison’s daughter, should have been disclosed earlier. These issues have contributed to further investor concerns and a significant decline in share price.

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