$BHP

Screen Shot 2017-03-20 at 1.31.13 pm

BHP Billiton has almost doubled since its Jan 2016 multi-year low, so does it still have strong legs left for more upside?

Looking at its fib retracement from the 2011 price top, it hit its 61.8% rectracement level & is now testing its 2016 recovery support trendline. A higher risk trade now would be long it back to its 61.8% level, but a stronger price action would be to see it clear that level & therefore clear to try & test the 50% level, around $31-32.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s