Good morning all.
For a week or so the share price ignored charts showing BHP was over-bought, and went slightly up and sideways.
It took Friday for a gap up exhaustion, it would seem, to confirm this and a retrace should now occur this week.
Well, that's the theory.
Of the last 7 rallies: 5 ended with gaps up, 5 finished with red candles. That's what we had on Friday.
Virginia points out Friday hit the top Bollinger band -- another precursor of a reversal.
So how far down?
I agree with MDP's prognosis --around $29 as being plausible.
The 50% Fib of the rally, which is fairly close to the (yellow) 50 day moving average gives us arond $29.75.
A 61.8% retrace is $29.... A full retrace is back to $26.
Good morning all.For a week or so the share price ignored charts...
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Last
$44.74 |
Change
1.380(3.18%) |
Mkt cap ! $227.0B | |||
| Open | High | Low | Value | Volume |
| $44.35 | $44.86 | $44.27 | $675.0M | 15.16M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 60000 | $44.71 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $44.75 | 3245 | 8 |
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| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| BHP (ASX) Chart |