The Canadian Technician

Miners Move on Earnings


BHP reported earnings this week and continues to move higher. With the industrial metal commodities being very strong, this chart looks really nice with the power earnings gap higher on big volume. The uptrend looks like it wants to continue higher. This is a 50% move off the November lows. I like the PPO turning up just above zero as well as the stock starts the next leg higher.

Rio Tinto (RIO) is another Australian miner, one of the big five traded on US exchanges. RIO is up 40% off the November lows and popped to start the week. The momentum indicator is turning higher, just above zero, in a similar structure to what BHP has.

Freeport McMoran (FCX) is also having a strong move as these industrial metals continue. The move in FCX looks similar to the two charts above. The stock continues to push to higher highs. Strong volume stepped up to start the week.

I like the industrial metals space as many of the mining stocks are working higher. I am looking for them to continue as the market itself works higher.

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst,
Author, Stock Charts For Dummies

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Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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