Since posting an intra-day low at $22.50 on May 5th, shares of BHP have lifted over $1.00 to $23.85.
Against a back drop of weakening fundamentals in the Iron Ore and Coal markets, we see this corrective move higher running into resistance in the $24.00 area.
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General market downside risk is also adding to our interest in placing orders to exit long positions in BHP at $24.00 going into the weekend.
