If you look at the chart below, BHP is now trading at about the same level as it did in 4 Jan 2021, 4 years ago, an extended consolidation like this runs a large risk of a sharp downward move next.
Once $38.45 level gets taken out, we could see it move towards $36-37 level and it is very much in need of an urgent large China stimulus to take out of the current rut, and a continued China deflation could see it go all the way to $32
