I agree, BHP has generally been downgraded and is now above many analysts target prices, I find it hard to see how commodities are going to breakout in either a price or demand sense with the world heading into recession (with interest rates still increasing).
Comparing BHP and Copper (both in USD) shows BHP is getting too far ahead of itself:
Considering costs have been increasing, those graphs should be the other way around.
I've been trying to get set on puts (been rolling up monthly puts since $42 and selling 2x OTM weekly puts to finance).
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