Archive for July 17th, 2009|Daily archive page

trade idea bhp-5

Posted July 17, 2009
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Continuing on following of the BHP paper trade.  Refer to the graph below.

bhp - time to go long?

bhp - time to go long?

So the ASX all ordinaries is looking strong the last couple of days.

Looking at the pattern to the right its one of two things.  Either

  1. A busted fail fall from the bottom of an upwards broadening wedge – resulting in an upwards break; or
  2. just a squiggle

Support was found on the lower flat line, which reisted the fall from the break of the wedge.  I am now entering this to the long side, picking a paper entry of $34.90.

Lets see how we go now.