Looking at an hourly on BHP and when in the short run smaller time frames have to be used to gauge the strength/weakness because the daily just doesn't do it. The price action since the target high has been constructive with just a consolidation taking place with no sign of a gap fill yet. Some numbers to look for to the upside are minor resistance at $39.42 with main resistance at $39.935 which is just below the previous near term highs before the big break lower. One thing to look for is the possibility of the price exceeding these near term highs and then reversing lower. Once the highs are exceeded and held then $40.45 is the next price to the upside and target at $40.965. Downside prices to look for should be obvious.
A daily below indicating the highs before the crash.
BHP Price at posting:
$39.19 Sentiment: Buy Disclosure: Held
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