BHP Billiton (BIL) has released solid results for the period ending the 30th of June 2018. With an increase in profits over the period to a record dividend the stock is looking good for a buy at current levels. Take note that even though we saw an increase in profits the Full year earnings for 2018 are still flat from the previous financial year and that could be what sparked the sell off at the open Tuesday morning.
In this note I detail the trade summary and provide the technical chart. Check it out.
Technical outlook
BHP Billiton is still trading above the 50-day simple moving average (SMA) and in conjunction with the positive earnings results from this morning the outlook is still that the price will move higher from current levels to a full target price of 32197c per share.
Trade: BHP Billiton (BIL)
- Entry (Buy): 30513c
- Stop loss: 29524c
- Target price 1: 31299c
- Target price 2: 32197c
Source: Bloomberg
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