Xerxes - As a chartist I admit that the pattern on BHP has caused me to have a few heart flutters - and even more so if you look at the weekly. However, if you go back and have a look at BHP's history you will find it has done this sort of thing on a number of occasions and not carried out the threat. From 1999 through to 2003 it formed what looked like a huge double head and shoulders pattern. But on the final right shoulder it just kept going up. Then again in 2006 it formed another potential head and sholders pattern and on this occasion even broke down by a small margin before turning around and doubling. I can't include the chart as it is hand drawn - but you get my drift ..... BHP has a habit of forming patterns that everyone thinks is signalling the end of the world only to continue on up just when it looks at its worst. Can't guarantee it will hapen again but I am not prepared to write it off just yet.
BHP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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