weekend charting 10th & 11th september 2011, page-71

I think with BHP we need to take our cue from the weekly chart. Its being whipped about at the moment and the daily can be a little erratic - Having said that - when we see a no demand day - even if price goes higher it ends up being a trap so a bit of a delayed response.
They are either accumulating or redistributing and we wont know till we see it break away from our "shakeout." One thing is for certain - they don't like leaving areas of supply (high volume) without testing them first. SUPPLY is the enemy of higher prices. If supply is present either they are doing the supplying or they are trying to absorb it - if the later is the case they will attempt to remove all that supply first because a) they want to buy lower AND b) they want to avoid having to absorb a lot of those sellers at higher prices - best take out the competition now.


BHP Weekly



BHP Daily




BHP Closer up