This is a daily chart of BHP-Billiton over the past twelve months courtesy of Metastock with data from Paritech Limited.
It is not meant to influence the investment decisions of investors who should always consult their own stockbroker/ financial adviser for advice specific to their needs.
The chart features I thought of interest:
- Just a year ago the steep decline in BHP’s share price was arrested by the formation of a double bottom.
- This proved to be a reliable signal since a steady uptrend in 2016 saw the share price almost double from about $14.19 to a high of $26.70.
- In November/December 2016 a double top pattern formed followed by easing of the share-price. This warns of the possibility of a pull-back due to profit taking.
- Extension of the trend line meets $23. This could prove to be a support line if there is a pull-back, prior to resumption of the uptrend.
I acknowledge a small holding of BHP shares that I have now sold to realize on my profit.