BHP Billiton

Count wrote: Hi RC,
May I ask your target price, is it 2051 or a more ambitious 2214?

Hi Count

If you look at the weekly chart, BHP has broken out of a massive trading range





Target should be roughly the size of the Head if you consider it as an iHS ( 1974 is Neck Line - size of the head is roughly 282 points so it gives a target of 2256)

OR

If you consider it as a Triangle its roughly its base (around 400 points) it will give you a target of around 2248 which is a Resitance level (high of 17/2/13)

If you plot Fib expansion targets - you will get similar figures

Anywhich way you trade it - bank profits on your way, protect your capital and use SL

It wont make it to 2248 in a straight line - there will be pull backs

Look for HH and HL on daily candles - first sign of a pb will be when candles fail to make a HH and a HL

Hi RC,
May I ask your target price, is it 2051 or a more ambitious 2214?

CLosed half @ 1982 which is more than I risked

SL for the rest moved to below 1951 and will run as a free trade

Follow up chart

Hi redchilly
Theres some serious resistance near by at 1944...This is the level that BHP needs to clear for higher prices..The short term down trend line and horizontal supports are close together.


dl.dropboxusercontent.com/u/4899609/bhp12thmay2014.png

Long today @ 1930

Flag, Cup & Handle, iHS you can call it whatever you can see

SL is below 1893

Has now broken out since my earlier post yesterday..


dl.dropboxusercontent.com/u/4899609/bhp180214.png