BHP Billiton is a global mining stock. It continues to perform well and has consolidated recently. The commodity related stocks are trying to break out here. BHP, RIO and VALE succeeded this afternoon. Below is the chart of BHP.
The SCTR has moved above 75, The full stochastics are surging and can stay above 80 for a while. Price broke out to a new high. Volume looks quiet. But the quiet volume in November to December 2017 shows the stock climbing straight up.
The PPO has just given a positive cross. This looks very bullish indeed. If I have one small note of caution, the recent low on the PPO was lower than the previous low. It is well above zero so that is an offsetting positive factor. When the miners start surging in unison, this is usually a strong move. Perhaps FCX can play catch up after being hit a few weeks back.
Good trading,
Greg Schnell,CMT, MFTA
