In today’s briefing:
- WTI 85 Rally Pivot Will Shift the Inflation Narrative
- OZ Minerals (OZL): BHP Offer Swiftly Rejected
WTI 85 Rally Pivot Will Shift the Inflation Narrative
- WTI bear call from 116 is meeting our 89/85 low zone with a key turn target near 85 that will spur a rally and shift inflation expectations.
- The touted break down from triangulation is setting up a key low. We did reduce our short at 89 with a plan to close the remaining tranche on weakness.
- RSI is not confirming new price lows for a case of bull divergence. A macro low is setting up if the 85 support holds and induces a bull turn.
OZ Minerals (OZL): BHP Offer Swiftly Rejected
- BHP Group Ltd (BHP AU) made a non-binding indicative proposal to acquire all shares in OZ Minerals Ltd (OZL AU) at A$25/share and was swiftly rejected.
- We feel an offer around the A$28.5-A$29/share range would get the OZ Minerals Ltd (OZL AU) Board to open up its books for due diligence.
- 3.25% of the outstanding shares have been shorted and the stock could trade higher than the BHP offer price. We’d wait for a price around A$25/share to enter.
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