BHP has been trading in the same significant $17 trading range for around 2-years although there have been 3 major swings over that period. We are fans of the “Big Australian” but like all stocks, there are levels where we would rather be on the sell side of the equation, especially for cyclical companies.
- We are likely to trim our BHP exposure in the $47-50 area i.e. “plan your trade, trade your plan”.
NB BHP might not look overly exciting having traded sideways but we shouldn’t forget the huge fully franked dividends shareholders have enjoyed over recent years.
MM remains long and bullish BHP
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