XJO - Bear Posts only (Factors which might cause the markets to fall), page-3033

@filthycasual Just to give you a little more insight on BHP.

The 'last chance for bulls' is a vol support but it is very close to longer term support.
You can see on weekly chart below why this level becomes very important.
The longer term support is also paired with 200MA.
To add a little weight to a bounce you can also see the weekly finished with an inverted hammer (potentially signalling a bullish reversal)

So you've basically got 3 types of support just below.
This may be tough to break but if it does then I'd certainly expect some downside pressure to come shortly after.

BHP has been my star performer for trading this last month (until NST took over in a big way this last week)
However I didn't want to touch BHP in this zone as there is a high possibility of a ferocious move in either direction from here

BHP weekly
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Now if we flip over to BHP on LSE.
BHP did get sold off on Friday night with a drop of just over 3%
However the close was right on previous 'bounce' level and the daily candle could also be seen as flagging a potential bullish reversal.

Just to muddy the waters a little more you can see the 200dMA (a key level) was recaptured but then rejected - this normally spells danger for bulls.

BHP daily (LSE)

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Then looking at the weekly you can also see significant support.
The POC since 2020 March lows is sitting just below current sp.
At that very same level is the 100MA .
Looking at volume only and theres a strong case for a churn zone between 2100-2450 on LSE
A break below 2100 is very negative though...

BHP weekly (LSE)

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Yes, BHP has been trading very negatively since April and yes I'll be watching it like a hawk over the coming days (if you're trading XJO you probably should too as its the Number 1 player) but until either a reversal or break lower is confirmed I won't be gambling (especially with any overnight holds)

Hope this helps mate.

Good luck whichever way you trade...