The BHP share price (LON:BHPB) ended the day marginally lower in London on Thursday, finishing the session at 2,208p (-0.36%)
The share price of the Melbourne-based mining giant has been a key beneficiary of the rally in industrial metals. BHP has a diversified portfolio of assets, spanning Copper, Iron ore, Petroleum, and Coal.
Rising copper and iron ore prices, both trading at multi-year highs, should provide a bullish catalyst for the BHP share price in the foreseeable future.
The BHP share price has performed well so far in April, gaining a respectable 7% from its 2,061p low on the first of the month.
Despite the continued rally in commodities, the miner has struggled to clear the 2,260p per share level, having tried and failed in six of the last ten trading sessions. The most recent attempt came yesterday, with the BHP share price trading as high as 2,259p before retreating 51p to its closing level.
The stock price is supported below by the 50-Day Moving Average at 2,183p and the 100-Day at 2,120p.
The 100-Day previously provided strong support as the BHP share price dropped from its year high at 2,408p to the March low of 1,992p. The market is yet to close below the important average since October 2020, when the price broke higher through 1,686p.
A break of the 2,260p level should provide a perfect set-up for the BHP share price to retest the March 18th high at 2,408p. A close above 2,408p would signal that prices may have much higher to go. The logical target would be the all-time high of 2,624p, set in January 2011.
However, a failure to hold the 100-Day Moving Average at 2,120p would cancel the bullish call and target the March 2021 low of 1,993p.
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