Bearish MONTHLY PIVOT of March and BHP.ASX is testing it’s 12 period SMA and 38% Fib. cluster support. Next zone of support after current level is the zone of $21.00 – $22.00 which is an important one to watch should the support at current levels fails to hold.
There is a Tentative Bearish Price Objective from an earlier PnF chart which was around $20.50 from memory which I know and observe. At present, next lower time frame weekly may provide better clues as to what may be unfolding.
The rally, which we had after the low marked as a commodity bust that lasted until Jan. had been one hell of a rally with almost 100% gain. Retracing around 38 to 50% of that move is considered a normal secondary reaction which is what appears to be unfolding at present. Stalking BHP continues…
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