OK - It sounds like I'm being too precise. But I'll explain my reasoning.
Now $16 is the logical target, based on the $8 multiples from $48, $40, $32, $24 and the $8 bounce off $32 which now means we fall $8 from $24 down to $16.
However, the reason I suggested it might possibly only reach $16.50-$17 is: 1. it twice recently failed to hit its targets: - the initial fall I thought would hit $24, only got to $24.40, despite a big push down at the close on that day to try to get to $24; - the bounce from $24 then didn't reach the $32 target I expected. It only got to $31.61. 2. If I use 31.61 instead of 32.00 to project a downside target I get $16.39 as a target (ie.24.00-(31.61-24.00)).
My point is if you wait for $16 exactly its possible it might not quite get there.
BHP Price at posting:
$21.10 Sentiment: None Disclosure: Not Held
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