Skip to main content

BHP (Friday’s close US$73.46) traded above a rising trend-line from 2016 to 2019 (dotted line), then settled in a horizontal trading range mostly between US$47 and US$59 (dashed lines). There was a temporary dip last March (A), but it quickly reversed and returned within the trading range. The subsequent rise above the top of this range signalled a breakout and the start of a new up-trend toward higher targets (B).

Behaviour indicators including the 40wMA confirm the bullish status. A minor correction toward ±US$60 would provide a better entry; only a sustained decline below US$53-55 would be negative.

Point & Figure measurements provide a target of US$74. The large trading range (dashed lines) supports higher targets

Open this photo in gallery:

stock

Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Report an editorial error

Report a technical issue

Editorial code of conduct

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 22/11/24 7:00pm EST.

SymbolName% changeLast
BHP-N
Bhp Billiton Ltd ADR
+0.65%52.36

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe