BHP reported earnings this week and continues to move higher. With the industrial metal commodities being very strong, this chart looks really nice with the power earnings gap higher on big volume. The uptrend looks like it wants to continue higher. This is a 50% move off the November lows. I like the PPO turning up just above zero as well as the stock starts the next leg higher.
Rio Tinto is another Australian miner. One of the big five traded on US exchanges. RIO is up 40% off the November lows and popped to start the week. The momentum indicator is turning higher, just above zero, in a similar structure that BHP is.
Freeport McMoran is also having a strong move as these industrial metals continue. The move in FCX looks similar to the two charts above. The stock continues to push to higher highs. Strong volume stepped up to start the week.
I like the industrial metals space as many of the mining stocks are working higher. I am looking for them to continue as the market works higher.
Greg Schnell, CMT, MFTA