SteynTrade
Short

JSE:BIL BHP Billiton Remains Overbought

JSE:BIL   None
Since last month BIL has been pushing the overbought trend line (See last months tracking of BIL in the link below). It is now trading in a range with continued tests of the highs. There is multiple divergences between price and the Volume RSI indicating a possible break back to the oversold line. A second set of double tops can be seen. After a drop in volume on the second test a move to the resistance line of the range a then to the oversold line of the trend is expected.
Comment: After the distribution range has played out the break back to the oversold trend line has started.
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