It has been a month since my previous note on BHP Billiton, after hitting our target price the price action has moved significantly lower.
The price is currently testing the 31274c resistance line once again as seen in the chart below, it has been testing this line for some time now.
Here is an update on the charts.
Chart Source: Bloomberg
I am looking to enter once again if we get a daily close above the resistance level with my first target at 32263c per share. Technically the share price is trading above the 50-day simple moving average once again which supports the move higher.
Trade: BHP Billiton (BIL)
- Entry (Buy): 31417c
- Stop loss: 30493c
- Target price: 32263c
Chart Source: Bloomberg
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