An extract from my weekly report.
BHP Group Plc (BHP, 42116c) |The share's decline has been in line with our overall macro thesis of higher interest rates and a stronger USD. The move from 49501c to 42126c sees the share near the swing low of 03-February (possible short term accumulation range, R410-R412). Looking at the bigger picture via the share's monthly chart, we notice the price being rejected from the rising trend line and swing highs extending back to May 2008 and July 2014. While the ultra short term trader could take advantage of a potential rebound near the aforementioned410-412 area, medium term traders could instead keep the 365-375 area in mind as a potential accumulation zone. #TradingPlan #KeyLevels
BHP Group Plc (BHP, 42116c) |The share's decline has been in line with our overall macro thesis of higher interest rates and a stronger USD. The move from 49501c to 42126c sees the share near the swing low of 03-February (possible short term accumulation range, R410-R412). Looking at the bigger picture via the share's monthly chart, we notice the price being rejected from the rising trend line and swing highs extending back to May 2008 and July 2014. While the ultra short term trader could take advantage of a potential rebound near the aforementioned410-412 area, medium term traders could instead keep the 365-375 area in mind as a potential accumulation zone. #TradingPlan #KeyLevels