BHP Weekly Chart Outlook 16/08/2016.

At the previous post the highlight was the PIVOT POINT MONTHLY reversal. Lets drill BHP down on the next lower TF weekly.

Climax week ( marked as SC, low @ $14.06) and Automatic Reaction ( Marked as AR, high @ $19.44) had given BHP around 38% increase in share price. If a 20% trend change rule is to applied, BHP, in that  period ( 8 weeks) fulfilled that major trend reversal rule. A bullish development.

No reaction to date met or exceeded that rule ( 20% drop) either, this must also be noted. EOW close below $17.00 is required for that. If and when this occurs, my view of BHP will change.

A bullish moving average cross over is another bullish development with BHP which must be noted with chart readers.

I have marked two levels of support as well as first resistance on the chart.

Weekly BHP chart below.

bhpweekly16082016

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