BHP Billiton - BLT

BLT Weekly,



Miners looking weak today.



Blue lines are F4T closing prices, red are normal.

This seems to be fighting with the uptrend, its already broken the horizontal support around 1480.

Update - this bounced off support and still in trading channel.

Interesting chart here, bottom of a channel, gapped down, broken 200 day moving average and near lots of strong support lines, one to watch.

Gone long on this at £9.32p

News of a $43 billion lawsuit against BHP Billiton drags on the mining sector. Looks like a good short opportunity

resistance: 1034...1103(38.2fib)...1131,,,1203,,,1269(50%fib),,,1432(61.8fib)

The best place to take profits is the resistance levels and particularly the fib levels.You can see clearly how the 23.6 fib level held the initial rise perfectly(look at chart).These resistance levels are the places to short a stock but you have to monitor them closely as going against the trend can be risky.


dl.dropboxusercontent.com/u/4899609/blt28thapril2016.png

Im still long on bhp from the other day and its a free trade for me now.