DBD Strategy Daily - BASIC RESOURCES : MEDIUM TERM BUY
China's strong industrial production is giving a small lift to miners this morning. The sector is still well below its 2018 highs for the time being, trends are bullish on all time horizons, and the relative strength is very sustained. We would not say that the sector has been defensive in February, but given its usual bêta, it has maintained value in a surprisingly efficient manner. We cannot rule out completely another period of weakness in Europe (poor Europe...), but Basic Resources will be good enough to hold and will recover in an advantageous manner.
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