BHP looks to have put a short-term top in place which coincides with our reasoning to take profit yesterday from OZ Minerals (OZL), we continue to like the “reflation trade” and will be looking for an opportunity into weakness to increase our exposure to one or more of the respective names. As a guide we can see BHP pulling back a further ~5% in the short term, as we’ve seen with tech over recent weeks this markets experiencing major volatility across a number of stocks / sectors.
MM remains bullish BHP medium-term ultimately looking for further ~15% upside.
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