BHP Group to explore new territory of $53 per share?

This week is one of the busiest for the Australian Securities Exchange, with many of its biggest names delivering their respective earning reports. Among those reporting is the country’s largest mining company, BHP Group (ASX: BHP). BHP are expected to deliver their FY2022 results on 16 August 2022.

In addition to BHP’s results, the miner announced an AU $8.4 billion to acquire OZ Minerals (ASX: OZL) last week. As OZ Minerals have already rejected the take-over offer, additional rounds of bids will likely follow over the next week or two.

The monthly chart indicates that BHP is currently in a bullish trend and has tested a key resistance just above $48 a share twice in the past month and a half.

BHP is currently trading inside a parallel channel, and it looks like it might be about to bounce from the support, in confluence with the 50-DMA.

Fibonacci extension levels indicate that the price might reach an all-time high of $53, if bullish fundamentals continue.