BHP STRONG BUY.Good trendline. Nice price action. Could see a bottom wick around the trendline or a doji candle this week.
BHP/N trade ideas
BHP Reverse Head and ShouldersThis looks very much like a reverse head and shoulders, potential upside to around $42.
BHP - I hate no brainer tradesSome times the slow moving obvious trades are the most profitable. BHP has been in an up trend for a good few years now and now it’s hit a resistance level. If it cracks it, a 20% appreciation to $46 isn’t unreasonable. Otherwise a drop to $36 is likely.
LONG BHP
Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
BHP Share prices could reverse the trend if it holds at 34.50BHP - BHP Group Ltd share prices seem to have found support from a support level indicated in my previous post at 34.55. Share prices rose to 34.94 up 0.72% from the time of writing, and we might see a change of direction if it holds above the trend line highlighted on the chart. BHP share prices are still trading above my long term channel indicator, which I consider an excellent win-loss ratio of more than 80% to 20% for a long term trade.
LONG BHPExpecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
BHP Resistance and Support zonesAs you can see the price is getting very close to the fibonacci zones drawn on the chart. We can expect to see a pullback to the lower box if we do not break above the upper resistance box. That being said If my short does not go to plan and we break above we are targetting higher highs. Check out my youtube channel at aweeboneshTV for more ideas :D
Video for Lani - Switching between Daily and Weekly candlesTrading View can sometimes be frustrating when you use the timescales on the bottom left it automatically changes the length of your candles so I tend to simply set my candle I want to look at and scroll in and out with my mouse.
Cristal Ball PredictionThis is one Shoulder Head Shoulder ready to fall and close the GAPs below? Beware, eye and focus. @Luizdenot @xbroker
BHP Move back to long term trend.BHP looks to be forming a possible H & S at a strong resistance, looking at a move back to the longer trend of $34 or $35, before continuing its uptrend. ill also be looking at a close below the middle Bollinger band before entering this short.
$BHP - BHP GROUP - Will it break through old resistance area ?BHP - Will it break through old resistance area ?
BHP has been having such a good run of late, I thought I would have a look at much longer time lines and you can see it is entering this really interesting resistance pocket. I would probably want to see it crack $40 before making a strong play at it, but might be worth a watch.
About BHP Group
BHP Group Ltd, formerly BHP Billiton Ltd, is a global resources company. The Company is a producer of various commodities, including iron ore, metallurgical coal, copper and uranium. Its segments include Petroleum, Copper, Iron Ore and Coal. The Petroleum segment is engaged in the exploration, development and production of oil and gas. The Copper segment is engaged in mining of copper, silver, lead, zinc, molybdenum, uranium and gold. The Iron Ore segment is engaged in mining of iron ore. The Coal segment is engaged in mining of metallurgical coal and thermal (energy) coal. Its businesses include Minerals Australia, Minerals Americas, Petroleum and Marketing. The Company extracts and processes minerals, oil and gas from its production operations located primarily in Australia and the Americas. The Company manages product distribution through its global logistics chain, including freight and pipeline transportation.
Market Maker MethodBHP has three swipes to the high and has accumulated there for quite some time, three levels are seen. BHP will most likely break past perceived resistance, maybe accumulate for a few days, and then drop.
BHP top of recent trading rangeBeware of upside breakout, otherwise a good place to short. Starting with a small position until theres a confirmation to either side.
BHP Head to Resistance Line from supportBHP is approaching support line where it has rallied many times.
BHP should do well this year and break out of this channel.
Happy Trading!
