Today's Market Quick Take from the Saxo Strategy Team
BHP Group bounced from support at around 47 after earnings. If BHP closes back above 48.75 the uptrend resumes and is likely to take out January peak. If that scenario plays out a move to around 52.50 could be seen on the short-term. 1.618 projection is at around 52.57 and on the weekly 1.382 projection is at around 52.51.
On weekly we can see how the Double bottom target was reached illustrated by the two vertical arrows. There is no divergence on weekly RSI indicating a new high in BHP could have quite some legs to go.
If BHP closes the gap between 47 and 46.20 on the daily time period the key strong support at around 45 is likely to be tested. A close below the down trend is confirmed on both short- and medium term.