- BHP Group (ASX: BHP) is delivering its FY2022 results on 16 August 2022
- BHP is currently trading inside a parallel channel, and price might reach an all-time high of $53, if bullish fundamentals continue.
This week is one of the busiest for the Australian Securities Exchange, with many of its biggest names delivering their respective earning reports. Among those reporting is the country’s largest mining company, BHP Group (ASX: BHP). BHP is expected to deliver its FY2022 results on 16 August 2022.
In addition to BHP’s results, the miner announced an AU $8.4 billion to acquire OZ Minerals (ASX: OZL) last week. As OZ Minerals have already rejected the take-over offer, additional rounds of bids will likely follow over the next week or two.
The monthly chart indicates that BHP is currently in a bullish trend and has tested a key resistance just above $48 a share twice in the past month and a half.
BHP is currently trading inside a parallel channel, and it looks like it might be about to bounce from the support, in confluence with the 50-DMA.
Fibonacci extension levels indicate that the price might reach an all-time high of $53, if bullish fundamentals continue.
From the perspective of the daily time frame, BHP looks a little more vulnerable with the suppression of Iron Ore prices, one of its primary exports. It was only last month that the mineral rebounded from a multi-month low, from $101 USD/T to $110 USD/T but is still contending with the dark clouds hanging over the Chinese construction sector. However, Iron Ore is mor eon the side of oversold rather than overbought according to the RSI indicator.