Research update

A running archive of 601899 (Zijin Mining Group) views from Tactical Positioning.

601899601899 (Zijin) broke below its major trendline support and is now backtesting that trendline from below. Bulls need to reclaim it quickly to repair the structure. A failure to reclaim would confirm the breakdown and signal further weakness.

601899601899 (Zijin Mining Group) broke below the major rising trendline and is now backtesting it from below. That keeps the structure bearish unless it can reclaim both the trendline and horizontal resistance around 32.4 quickly.

A failure here would confirm the backtest and open the door to another leg lower. Bulls need to reclaim the trendline first, then 32.4, before the chart starts to repair.

601899A bounce is very likely here. If 25 fails, the downside opens again.

601899601899 bounced from 25 as expected. That remains key support, coinciding with gold holding 3.9-4.0K. On the upside, 30 is the first resistance, followed by 32. A push into 30-32 should track gold toward 4.4K.

601899601899 has shown relative strength over the past two weeks alongside the rally in copper. After failing to hold above 32.4, price is now backtesting the ascending trendline.

In late June, I flagged 25 as the line in the sand and said a bounce was very likely. The bounce came as expected.

601899 remains largely a function of gold and copper. Should oil stay elevated and keep yields grinding higher, equities should sell off, with gold and copper likely following. A sustained break below the ascending trendline would weaken the setup and shift the path back toward 25.