Unlikely to gap up on monday unfortunately. It has done its best just to hold above 40 on friday. Downside targets for BHP have not properly been tested yet. The close below $40 is significant from thursday unfortunately. The intermediate trend is clearly downwards, so what you are all saying is that you are willing to trade a potential bottom on BHP.
Perhaps it bounces to $42, but I believe the trend is still intact despite its meagre rise on friday after a 6%+ fall even.
I would say that it should go to test 36 minimum, but as I said before, I'm not willing to short it based on the relatively strong $40 level. Having said that, I'm almost kicking myself for exiting at 45.90 and not placing shorts back then, but hey, what can you do: I wasn't sure about it and that's that.
Technically speaking, the downtrend has not been broken, and many of you seem like investors, not traders. In that case, it is definitely reasonable to put a small amount of non-leveraged money at $40, but I wouldn't be staking my fortune on it.
As for I/O negotiations, it didn't do much for RIO, so what makes you think the BHP sp will do much?
Good luck to all of you!
BHP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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