Big iron is splitting up. BHP is the new whipping boy, down another -2% today and pretty much in free fall, RIO is flat but FMG is pouring it on up another 4.4%:
Let’s take a longer term view of BHP on the monthly chart:
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It’s not pretty. The huge and busted post-2011 descending triangle forewarned of a major de-rating. It’s now caught in a steep declining channel aiming for the GFC low at $18. My longer term target remains 2003, roughly half of where we are today.