October 9 Chart of the Day - BHP

Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.

BHP Group (BHP) is one of the world’s largest diversified natural resource companies mining iron ore, copper, coal, and other key commodities that drive global industry. 

After rebounding from long-term support, price is now pressing back into a key structural area, where the battle between bulls and bears has historically intensified.

We'll review the chart from a price action perspective to identify potential levels of interest in both directions.

The charts highlight key levels where investors and traders alike will be watching closely.

Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.

When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame. 

As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.

Since May 2023, we've showcased over 625+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.

Monthly Chart 

On the monthly chart, the long gray shaded rectangle represents a Change Control Zone - one of the five price action tools we teach when charting anything.

By definition, it’s an area where neither bulls nor bears are fully in charge. Price can slice through the zone with seemingly reckless abandon, respect the top or bottom from outside it or within it, or even trade sideways aimlessly inside it.

When price eventually breaks away, it often gets drawn back to the zone like a magnet.

And in BHP’s case, this has been true for years - every major move has either originated from, or returned to, this very range. Price is once again testing the lower boundary near $60, where the next directional clue could emerge.

With plenty of volatility traders have had much to be happy with while investors have been mostly disappointed.

This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.

Weekly Chart

On the weekly chart, price continues to recover from its recent low near $41, forming a series of higher lows and moving back into the gray Change Control Zone.

Traders are watching closely to see if this push can extend beyond the $57–$58 resistance zone which would confirm a shift in control back to the buyers or if sellers once again step in to defend the range, forcing another pullback toward $48–$46 support.

It goes without saying though, the only guarantee in the markets is that price cycles.  It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.

Only time will tell for sure what price will do next...

We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.

With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.

So what's next? 

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