munyaelliott
Long

BHP BILLITON (BHP) DAILY LONG

JSE:BHP   BHP GROUP PLC
BHP Billiton's share could find support at the 31 150 price level, which is an area of interest from the weekly timeframe . Since this analysis is based on a higher timeframe, it could take several days before this can happen. The weekly timeframe shows a healthy trend, with symmetrical, deep pullbacks. We are currently on one of these pull backs, and am hoping that buyers will come in at the mentioned support zone . Also be aware that prices could tank further to the trendline and possibly find support there. Pulling up a Fibonacci tool, we can see that the 31 186 area represents a 50% retracement , which could be a good entry for traders who use this tool. Personally, i prefer the feeling of jumping into the markets with nothing but price and a stop loss as my parachute in case i "crash" land. (pun intended)
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