Dunno rodster, my $34 support was obliterated in a spectacular fashion. We can only hope that the selling has now stopped. But if I were to choose a miner to buy, it'd be RIO. its $20 bucks + down from its highs, and way oversold.
In reality, BHP has held up far better than all the other miners.
I sincerely hope we don't see $32, and I just don't see that as a near term reality - however, I bought BHP the other day, and I was dubious about my initial $34 target a few weeks ago after 35.50 was tested. But hey...you never know.
What I would also like to know, is where are all those dudes from about a month ago who thought BHP would never hit 35 again? They were so sure...
In any case, lets just hope that this is a correction and not the start of a bear market.
The 200dsma has been broken, and that is a good indication of the start of a bear market if you believe history.
BHP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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