Technical Summary: The five year chart of BHP is V shaped as the stock ran down to the “oil lows” of early 2016. From that bottom the stock has generally regained ground and has worked its way back up to its old highs. The stock is currently consolidating at around $34 per share. This seems a logical zone for consolidation as it is around the old highs. What we are probably seeing is investors/traders getting out at breakeven or a small profit. Looking back on the one year chart the stock is in a definite uptrend. For breakout traders we would like to see the stock consolidate around these highs at a pivot point. This would indicate that the selling is drying up. We would then like to see the stock breakout to new highs on
heavy volume. The technical picture of BHP has matched our fundamental opinion on the stock where we have been buy rated since 2016. Click here to read the fundamental report.