re: back up with comments Wilf, nice to have some genuine analysis for a change. The problem with BHP is that you have to look at more than one chart. You also have to look at a chart for BHP in the UK (they are broadly similar but obviously with different resistance/support levels) and more importantly, the base metal charts, in particular copper. These can lead it in unexpected directions, as the 2 false breaks below 24.40 recently testify.
A broken uptrend doesn't always mean the beginning of a downtrend, it can also mean the beginning of a period of range-bound trading, and the range that BHP has defined recently is huge. fromthefuture claimed fairly recently he had a chart which could predict that support would be broken, a claim which makes no sense from a TA point of view. Support supports, until it is broken, and a chart only tells you something once one of those two outcomes has occurred (the two false breaks mentioned above would have been a bit of a bear trap to genuine shorters, today's open may be a chance for them to sell at a profit).
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Open | High | Low | Value | Volume |
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10 | 3569 | 40.370 |
9 | 2533 | 40.360 |
12 | 5366 | 40.350 |
11 | 2694 | 40.340 |
Price($) | Vol. | No. |
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40.400 | 2325 | 10 |
40.410 | 3032 | 14 |
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