BHP - BHP Group

[Bobby]

Jesus christ 77TRADER77 you were pretty damn accurate with your predictions on this one!

Anyway, the reason I am posting is I am really really happy with BHP's performance the last 2 days. I've found the last few weeks have been all over the place (as is self-evident from the graph), which has actually benefited me as I've been getting in on the dips and selling on the rises (more or less).

But now that I have a solid position in BHP I am content now that I seem a resumtion (or confirmation) of the uptrend, which everyone e.g. Julia has been predicting will last for the rest of the year (forgive me if I am misquoting here)....

Hullo CTp,

I think I know who is 77trader77, hes got more $$ then I !
I seem to underestermate him.

Bob.

 

[mano]

Is BHP a good buy

Hi All
l see BHP has dropped to just over $27 do the seasoned investors see this as a good buy at the moment.I am looking at $20k worth.By all accounts BHP is in for a good year next year.[so l have read]
Fire away with your replys as l am eager to learn.
ta mano

 

[GreatPig]

Can't answer your question about BHP being a good buy at the moment, but here's my current chart (ignore all the blue lines).

Cheers,
GP

 

[ctp6360]

Small drop this morning and now its in pre-open? There were 2 announcements today but not mention of a request for a trading halt!

 

[shinobi346]

A iron ore producer has been denied access to BHP's rail line. Should be good news for BHP invest ors

 

[Fung]

Bought the shares on $23 and I don't even know if i should sell it to make some earnings....

 

[Sean K]

You might be able to sell and buy back a little cheaper, but if you're a long term player this is risky. This is just a correction. Many analysts have BHP price target up to $38.00. I'm still holding and just waiting before the dust settles to buy more.

 

[Ageo]

Covered Calls against those shares in this correction would allow to make some little cash. And you wouldnt have the risk of being excercised unless it "corrected" and in that case you close you calls and enjoy the capital growth

 

[RichKid]

I've been concerned about the steepness of BHP's run and like many others have wondered when it will end- bearish sentiments. So I tried to 'see' a bullish picture, lo and behold with the semi-log scale it looks damn young, this trend.
Even a fall to the low 20's would see it looking strong overall. With June being a quiet month at times we may see this retracement go deeper.

The daily chart shows some retracement levels which are 100% the height of wave A. According to EW guidelines WaveA = WaveB, it will occur at that lowest pink dotted line, just below $25.

The major wave 3 high I have marked on the other charts is probably premature, looking at my labelling of the Major wave 2 and the height of the current Major wave 3 and overall proportions so far it looks like this is a Major wave 3 that is still sub-dividing. If this retracement is deep it may well be the intermediate wave-IV of the major Wave 3. I haven't worked out wave 5 targets yet.

 

[GreatPig]

Here's my chart with EW count.

Expecting (or at least hoping) the wave C run will take it back around the trend line, where I'll pick it up again once it looks like turning back up.

Cheers,
GP

 

[TraderPro]

I've made my own analysis for bhp here.

I don't use any elliot waves in my analysis - I just stick to the basics... support/resistance, MACD and candlesticks.

Keep up the good work and thanks for the Elliot Wave screencaps!

 

[coyotte]

Seems a conflicting range of signals for Trend Trading BHP atm

GMMA in Oz & NY showing a slowing of the decline -- But still a decline .
ADX D- showing a increasing downturn in price --- ADX a weak D-
OBV strong decline in price

Accum/Dist -- Showing Strong Accumilation (divergence )

Sym-Triangle Pattern ( NY ) with a steeper top line showing a probable drop in the next couple of days BUT only of around 5% atm

So what have got -- T/As going Short & F/As Long

Think Ill hold my Short CFDs in UK for the moment --- allthough them :swear: F/As could buggar everything up !



Cheers

 

[TraderPro]

Just another update at my blog for BHP Billiton given the recent share price falls this week.

 

[Sean K]

GP,

BHP must have hit your support line. Jumping in, or waiting for Wednesday's figures?

Seems every analyst is saying BHP is a bargain now.

 

[GreatPig]

Very close, but I think it could still go a bit further yet. Somewhere in the high $25 range is the target (hoping for a dip below the trend line similar to the last wave-C as I've drawn it).

Also want to see how the market overall is looking next week. Quite a few stocks I've got my eye on have returned to longer term trend lines and looking like potential buys, but I want some indication that they're not going to drop through too far first.

I still have some concerns that the XAO could drop back into the low-mid 4800s yet, or possibly even right back to around 4600. So while I'm waiting, I'm frying my brain reading up on warrants.

Cheers,
GP

 

[RichKid]

An update on this apparent zig zag corrective move. Wave B is impulsive, like wave A. Wave B seem to be in a minor wave-iv (or its completed), I need a 1 or 2hr chart to be sure, don't have one so I'll just guess, eitherway wave B has now reached as far as the length of wave A as EW guidelines suggest so time to look for a change of the short term trend imo. That reversal bar yesterday on high volume was interesting, looking out for follow through, today's tight range suggests tension is building.

That trendline GP mentions is hereabouts too, look for a retest maybe?

Also noticed the recent low lines up with a flip flop line- old resistance may now become support, line of regression?

 

[GreatPig]

Today closed just above my trend line, but what does concern me, and why I didn't buy today, is that prices pushed back down to close near the low and on fairly high volume (about double the daily average).

I'd like to see some more evidence of holding above the trend line before I consider buying again, although at this point it looks like whoever bought down in the $24 range yesterday might have got a good buy.

Cheers,
GP

 

[RichKid]

Today closed just above my trend line, but what does concern me, and why I didn't buy today, is that prices pushed back down to close near the low and on fairly high volume (about double the daily average).

I'd like to see some more evidence of holding above the trend line before I consider buying again, although at this point it looks like whoever bought down in the $24 range yesterday might have got a good buy.

Cheers,
GP

Hi GP,
My money is on a minor wave-v to complete this move, maybe truncated but more likely to go lower imo, some other areas of confluence further down. We may be seeing short covering atm- corresponds to a minor wave-iv if my theory holds.

....wonder how the MACD is looking atm?

(Also, still tax time selling for a lot of the public who bought late in the last major impulse too. Maybe fresh $$$ will flow in from July onwards.)

 

[Would Be Trader]

GP,

If today's high volume is what worries you, stop worrying.

The following is a note that was sent today by an equity analysis firm:

"Owing to the expiry of June SPI Futures contract today, the early match volume and prices will be skewed. Expect larger than normal volumes on the early and late (close) matches today."

I hope that makes feel you better.

Cheers

WBT

 

[Hopeful]

Anyone notice how strongly BHP bounced off its 200 day EMA? Nice entry signal. BHP does tend to conform to the technical analysis techniques quite well. I bought some, may she surpass her old highs!