BHP Billiton Stock Forecast
BHP Billiton stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The BHP Billiton stock price gained 0.92% on the last trading day (Wednesday, 24th Apr 2024), rising from $58.70 to $59.24. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.02% from a day low at $58.70 to a day high of $59.30. The price has risen in 6 of the last 10 days but is still down by -0.74% for this period. Volume fell on the last day by -983 thousand shares and in total, 2 million shares were bought and sold for approximately $113.38 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $60.01 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.28% during the next 3 months and, with a 90% probability hold a price between $52.17 and $57.44 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BHP Signals & Forecast
The BHP Billiton stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $58.28 and $57.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 4.00%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for BHP Billiton stock
BHP Billiton finds support from accumulated volume at $58.56 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 $0.600 between high and low, or 1.02%. For the last week the stock has had daily average volatility of 1.56%.
Our recommended stop-loss: $56.73 (-4.24%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (BHP) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect BHP Billiton Limited to open at $59.08, and during the day (based on 14 day Average True Range), to move between $58.07 and $60.41, which gives a possible trading interval of +/-$1.17 (+/-1.97%) up or down from last closing price. If BHP Billiton Limited takes out the full calculated possible swing range there will be an estimated 3.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $59.49 (0.42%) than the support at $58.56 (1.15%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is BHP Billiton Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.063 Buy Candidate Upgraded
Predicted Opening Price for BHP Billiton Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $59.08 ( 0.276%) | $59.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BHP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.68 | 0.737 % | |
| R2 | 59.45 | 0.350 % | ||
| R1 | 59.31 | 0.111 % | ||
| Current price: | 59.24 | |||
| Support | S1 | 58.85 | -0.663 % | |
| S2 | 58.71 | -0.90 % | ||
| S3 | 58.48 | -1.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.96 | 4.59 % | |
| R2 | 59.69 | 0.760 % | ||
| R1 | 59.49 | 0.422 % | ||
| Current price | 59.24 | |||
| Support | S1 | 58.56 | -1.15% | |
| S2 | 57.74 | -2.53% | ||
| S3 | 56.96 | -3.85% |
BHP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Mar 28, 2024 | $1.44 | 2.50% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Sep 28, 2023 | $1.60 | 2.80% |
| 3 | Feb 27, 2023 | Mar 09, 2023 | Mar 30, 2023 | $1.79 | 2.84% |
| 4 | Aug 22, 2022 | Sep 01, 2022 | Sep 22, 2022 | $3.50 | 6.83% |
| 5 | Aug 19, 2020 | Sep 03, 2020 | Sep 22, 2020 | $0.98 | 2.08% |
FAQ
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