Shares of KAZ Minerals PLC (LON: KAZ) are up 2.93% today but have fallen steadily since mid-September after hitting a high of 597p in early September. The stock is currently trading near a major support level, which increases the chances that it will rally higher if the level continues to hold.
The copper mining company recently reported that it had suspended operations at its Bozymchak copper and gold mine in Kyrgyzstan after violence erupted in the regions following recent elections.
The news did not trigger a major selloff in KAZ stock, which is a good sign given the company’s significant exposure to the region and Kazahkstan in general. The company’s stock fell 1.4% on the news showing the investors are not worried about the potential negative impact on the company’s profits.
As a swing trader, I would be looking to establish long positions on the stock with my stop loss order below the 500p level.*
Long-term investors may have entirely different criteria for establishing their positions given that they may focus more on the company’s fundamentals including the recent ratings upgrade by JP Morgan analysts.
KAZ Minerals’ price target was raised to 565p from 515p by JP Morgan analysts and has numerous analysts ratings.
KAZ Minerals share price
KAZ Minerals shares today surged 2.93% to trade at 526.4p having ended Thursday’s session trading at 511.4p.