Technicals | Sep 08 2014
By Nick Linton-Ffrost
Emerging Buy
We suspect BHP will start forming a bottom around the 35.00 – 35.50 level over the next 3-5 days which should be followed by a bounce towards 37.00.
The view is based on the combination of two indicators; our wave count assumptions imply a fifth wave target around 35.00 ( where v=i ) and we expect the bottom of the 7 month trading range around 35.25 to provide a decent support level.
We suggest waiting for a a strong reversal day and/or a higher low to form over the next few days before opening longs.
Trading tactics
Wait for buy signals between 35.00 and 35.80 over the next week.
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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