Buy EVRAZ (EVR)
EVRAZ plc is a steel, mining and vanadium business with operations in the Russian Federation, Ukraine, the United States, Canada, the Czech Republic, Italy, Kazakhstan and South Africa. The Company's principal activities include manufacturing steel and steel products; iron ore mining and enrichment; coal mining; manufacturing vanadium products,...
Fundamentals around Copper, Steel rebar, Iron ore, Coal not looking so rosy currently. Technically Copper HG looking weak. Dec'16 lows could be next resistance at 2.4785 (Approx LME 5500), a further significant break here could see 38.2% Fib area tested (2.3425) then Nov lows of 2.09. Support may be found at 2.5935.
It looks like we have maultidiagonal targets here into the 3.25-3.50 range, but just be cautious, as it looks like we could expect a further pull back into the 2.00-2.25 range first.
