With today (IMO) looking a little suspiciously like the market was propped up by pumping BHP and WPL (as usual), I thought I'd analyse the monthly chart for BHP as index proxy for the most likely scenario up into month-end Friday.
Chart below.
Key points:
- BHP in no man's land at the moment (middle of uptrend channels)
- IMO likely to fall to bottom of channels at $18-$19 close Friday (possible spike low to $16ish intra week)
- Longer term - (after nice bounce to possibly $30)- 2009, 2010? - low of $12, possibly $6
Obviously if the BHP scenario above plays out then we'll see the index bottom out with a new low this week.
No guarantees - just my best guess looking at the chart.
Happy to discuss or hear alternative views or analysis of BHP monthly (or weekly) chart (as proxy for index movement)
With today (IMO) looking a little suspiciously like the market...
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