BHP Group Stock Forecast
Red day on Friday for BHP Group
(Updated on Jun 28, 2024)
The BHP Group stock price fell by -1.09% on the last day (Friday, 28th Jun 2024) from $43.15 to $42.68. During the last trading day the stock fluctuated 1.22% from a day low at $42.68 to a day high of $43.20. The price has been going up and down for this period, and there has been a -0.95% loss for the last 2 weeks. Volume has increased on the last day by 3 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 11 million shares were bought and sold for approximately $461.94 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.55% during the next 3 months and, with a 90% probability hold a price between $39.73 and $43.91 at the end of this 3-month period.
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BHP.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 0.589%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The BHP Group stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $42.92 and $43.95. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A buy signal from a double bottom formation was found on Monday, June 24, 2024 and based on theory for this formation the price should go up by 13.63% to $48.50 within 37 trading days since signal was issued (Wednesday, August 14, 2024).
Support, Risk & Stop-loss for BHP Group stock
BHP Group finds support from accumulated volume at $42.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.520 between high and low, or 1.22%. For the last week the stock has had daily average volatility of 1.45%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BHP.AX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect BHP Group to open at $42.85, and during the day (based on 14 day Average True Range), to move between $42.07 and $43.29, which gives a possible trading interval of +/-$0.609 (+/-1.43%) up or down from last closing price. If BHP Group takes out the full calculated possible swing range there will be an estimated 2.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $42.54 (0.33%) than the resistance at $43.15 (1.10%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BHP Group stock A Buy?
BHP Group holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.804 Sell Candidate Unchanged
Predicted Opening Price for BHP Group of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $42.85 ( 0.406%) | $42.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BHP.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 43.37 | 1.62% |
| R2 | 43.17 | 1.16% |
| R1 | 43.05 | 0.87% |
| Price | 42.68 | |
| S1 | 42.65 | -0.0593% |
| S2 | 42.53 | -0.347% |
| S3 | 42.33 | -0.81% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 45.13 | 5.74% |
| R2 | 44.51 | 4.29% |
| R1 | 43.15 | 1.10% |
| Price | 42.68 | |
| S1 | 42.54 | -0.328% |
| S2 | 42.41 | -0.633% |
| S3 | 42.32 | -0.84% |
BHP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Mar 28, 2024 | $1.10 | 2.48% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Sep 28, 2023 | $1.25 | 2.86% |
| 3 | Mar 09, 2023 | Mar 09, 2023 | Mar 09, 2023 | $1.36 | 2.93% |
| 4 | Aug 18, 2022 | Sep 01, 2022 | Sep 22, 2022 | $2.55 | 6.72% |
| 5 | Feb 24, 2022 | Feb 24, 2022 | Feb 24, 2022 | $2.08 | 5.22% |
FAQ
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