Short Term Sell On BHP

This story features BHP GROUP LIMITED. For more info SHARE ANALYSIS: BHP

The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Nick Linton-Ffrost

BHP Billiton ((BHP)) — Emerging Sell

Trading tactics

Open shorts with a move under 37.70 placing stops at 38.30. Target range between 36.00 and 36.50.

Rationale

BHP may be forming a topping pattern after achieving a medium term break target around 38.20.

The 38.20 target is derived from the break out of the two month structure and may create a decent reversal.

A move below 37.70 triggers a sell signal as it indicates the recent upside break from the rectangular pattern has failed.

Potential pull back targets are between 36.00 and 36.50. The view is negated with a move above 38.30.
 

 

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.

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