#BHG Billiton bouncing on crucial support @ R521R521 is evidently horizontal support and the anchored vwap from July 22 lows. It should now attack resistance at R568. Over R568 opens up further upside with a view for new highs
Billiton
BHG - Long position triggeredA long position has been triggered on JSE:BHG . We could see this move go all the way to the target at around the 507 level. Be mindful of the resistance level at around the 460 level.
3 Short signals for BHP Billiton Group OUCHThis is NOT The year for Resources I must say. BHG is showing 3 patterns of downside to come. 1. Inverse Cup and Handle large. 2. Medium Inverse Cup and Handle and 3. Descending Triangle... If it breaches below the neckline (brim level), we can see an easy target to R325.00
BHP to close gap?JSE:BHP has broken out of a sideways consolidation area and I could see it moving up to close the gap formed on 1 September. Target would be around 45200 level.
BHP Struggling with support levelAfter a nice short position, JSE:BHP seems to be struggling to break through the support level at around 42000. If the price action continues upward, I will consider entering a long position. we could potentially see a Head and Shoulders pattern forming in the coming weeks as well.
$BHP BHP Billiton, too much too soon? $JSEBHP Group in South Africa broke down towards the end of Feb from a rising bullish channel that was in place since early 2016. After breaking down from this channel, the stock dropped a further R100 very rapidly in the space of 2 weeks before bottoming out on high volume. The stock has spent the better part of 4 weeks regaining this massive drop, but i believe this has now presented us with an opportunity to short BHP Billiton in anticipation for a consolidation & correction in price. I find this area between R300 - R306 particularly important for a number of reasons:
(1) we have now retested the underside of the bullish channel that was in play for the last 4 years. Normally when one see's such a big technical break, the channel which acted as support can often turn into resistance. This retest and failure can often also be seen as the "kiss of death" with a bigger drop in price to come in weeks ahead.
(2) this is also the 61.8% fib retracement using the most recent lows and highs over the last year (R195 & R369)
(3) this is also where we find the 50 week moving average (blue moving average) which has been a reliable indicator of support over the last 4 years, it could now become a reliable level for resistance.
(4) the RSI level has reached the midpoint of its range at 50. this level will often coincide with tops when a trend turns negative in a stock
(5) the last 4 weeks has seen price move higher, but each successive move higher has been accompanied by smaller price ranges and less volume (this is not a bullish price action).
(6) the level at R306 was also a level of support back in October 2019, which will now likely turn into resistance on the re-test.
Putting this all together leads me to believe that this area could well be worth an opportunity to take a short, with an initial target to retest the 200 week moving average (green line) at approximately (R270 - R275).
Long on BHPJSE:BHP has broken upwards through the triangle I mentioned in my previous idea. Couple with this, it has broken a fractal level, so I am entering a long position.
BHP - Symmetrical TriangleJSE:BHP has formed a symmetrical triangle chart pattern. This is a neutral pattern, so it isn't indicating an up or down move as of yet. Once it breaks through either side, we will be able to enter a trade. Let's keep an eye on it for now.
BHP in a channelJSE:BHP has failed to break out of the downward trending channel that it has been trading in and has once again bounced off the top for a downward move. We could see it continue down to the bottom of the channel, but it might also find some resistance around the 31000 level as it has before.
Downward channel on BHPJSE:BHP is trading in a downward channel. It has reached the top and will most likely be heading down towards the bottom of the channel. Failing that, a break out through the top could mean a long position.
BHP broken through supportJSE:BHP has broken and closed below an 8-bar ascending support level. I will wait for it to confirm, but looks good for a short position.
