BHP continues it's slow rise but target and analysis below remains intact

4 December 2020

BHP is in an uptrend but it isn't possible to draw a valid uptrend line (needs 3 troughs on the weekly chart) and as it has risen strongly it hasn't made a higher trough folowed by a higher peak. Price spikes above resistance at $40.50 with volume and has made a 'cup & handle' type pattern that has a target of $47.08. While any rumblings from China that involved iron ore would be a negative for BHP prices it seems otherwise a good way to enter a long-term hold or just a short-term opportunistic trade.