BHP’s Rally Won’t Be Derailed

Shares of BHP have slid lower in early trade as the mining giant has suspended all iron ore operations in WA after a runaway train with 268 wagons had to be derailed.

We don’t see this as an impediment to the pace of exports out of Port Hedland or the $14 billion share buy back and special dividend program.

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BHP has been on an ALGO buy signal since September 11th at $31.20.

We see good technical support in the $32.85 area and initial resistance just under $35.00.


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