Has BHP topped? Are we in for a correction? Hmmmm!
I'm inclined to think maybe not!
Take a look at the 5 year chart for the Basic Materials index here: http://finance.google.com/finance?catid=53214960
This does look like it is hitting resistance and will correct substantially. But in the past 5 years the only time major corrections have occurred with the Metal Mining index have been when the S&P500 has trended down. That's not happening now! The S&P500 is trending up! If the S&P500 continues to trend up so will the Metal Mining index! - At least that's the way it looks! (Makes sense too!)
cheers...
BHP Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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