BHP's Annual Profit Beats Expectations on Copper Rally

Copper price is exhibiting weak momentum in the short term, with the RSI at 35.6, nearing oversold territory, and the MACD trading negatively below the signal line. The price is trading below the 20-day and 50-day moving averages, which is weighing on the technical outlook. While BHP's earnings beating expectations is positive news, it may already be priced in and may not provide a bullish catalyst in the near term. The downtrend observed over the last 24 hours could persist, but the pace of decline may be limited as the market approaches oversold conditions. Therefore, I expect a slight downward movement in the short term.

BHP's annual profit exceeded expectations, driven by a copper rally, which is positive news that strengthens the company's fundamental outlook. On the technical indicators, the RSI is at 54.8, in neutral territory, while the MACD is negative but approaching the signal line, potentially signaling a short-term recovery. The price is above the 20-day moving average but below the 50-day average, painting a mixed picture. A short-term upward move is possible on the back of the news, but caution is warranted given the 1.95% decline in the last close and overall market conditions. The 20-day average (87.56) should be monitored as a support level, with resistance around the 50-day average (89.15).

BHP's better-than-expected earnings, driven by the copper rally, could positively impact copper prices and, consequently, copper producers such as FCX. Technically, the RSI at 55 is in neutral territory, while the MACD is above its signal line and showing a positive trend. The price is above the SMA20 but just below the SMA50, indicating potential upward movement in the short term. Considering both the news flow and technical indicators, a slight uptick is expected in the near term, though caution is advised.

BHP's strong earnings, driven by the copper rally, could have a positive impact on copper prices and, consequently, on copper producers such as SCCO. Technically, the RSI at 54 is in neutral territory, the MACD is above its signal line, and the price is above the SMA20, indicating short-term upward potential. However, the price is just below the SMA50 and has seen a slight decline over the last 24 hours, so the impact may be limited. With news support, an upward movement can be expected in the short term, but excessive optimism should be avoided.