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


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

Chart source:

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.