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The mining dead cat is doing loops today as big iron flies with the unicorns and big gas dislocates from oil. BHP is up 3.6%, RIO is up 2.4% and FMG is flying, up 6%.
To the charts then, for BHP:
Nothing bullish there. Still well within its declining channel and needs to add a couple bucks before it even breaks its steeper recent downtrend, let alone the post 2001 monster.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.