Not holding any BHP right now Moped.
The bad thing is that the US markets are right on the verge again.
I don't have the US markets charted right now, but if it breaks the 200dsma, then look out for further downside.
Like I wrote about a month ago, base metals are in a downtrend, and that won't help the overinflated price of BHP.
I think now would be a good play for a very small long position on BHP. It would be safer to run the price up (ie buy at the dollar marks on the way up) rather than trying to pick the turning point.
Basically what I'm saying is that a basing pattern here would be bullish, in the absence of continued weakness in the US. $40 is a relatively strong support level, and unless its broken on a daily/weekly timeframe, then I think it should hold.
If we consider upside potential here, lets consider the market when BHP hit close to $48. A far different market. So I think the upside would be limited to around 43.50 - 44 at max.
That's only a 10% gain, so take it as you will for your own risk/reward.
Not holding any BHP right now Moped. The bad thing is that the...
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Last
$42.68 |
Change
-0.470(1.09%) |
Mkt cap ! $216.4B | |||
| Open | High | Low | Value | Volume |
| $42.71 | $43.20 | $42.68 | $463.8M | 10.82M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 13572 | $42.68 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $42.70 | 457 | 1 |
View Market Depth
| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| BHP (ASX) Chart |