#BHP - 1D Timeframe - US ELECTION OPPORTUNITY - WIN-WIN?
POLITICAL AND MARKET CONTEXT
Specialized on silver production that is a basic raw material of photovoltaic solar panels. Renewable energy consumes up to 30% of world silver production.
If Trump wins, price of metal might still rising due to his monetary (inflationary) policies.
If Biden wins, BHP will be a huge player as a raw material supplier of a possible boom of Solar and renewable energy
TECHNICAL ANALYSIS. 1D TIMEFRAME.
Historical support on $46.80 - $47.70 range. 4 clear rebounds on this level over last 15 months (yellow rectangles). March´s COVID-19 meltdown was the only time that this support was broken.
Last week this price range was tested again and showed quite strong even with a high seller volume . This time we've got MA200 assisting as double support just above Fibonacci´s 0.382 level.
Strategy: Monday and Tuesday sessions are crucial to confirm rebound on support pointed out. Specially with the high volatility and bear forces we might expect for this week.
If price resist this level and cross MA200, we´ll be able to open a long position with a target of $58.55 (+21.5%).
Specialized on silver production that is a basic raw material of photovoltaic solar panels. Renewable energy consumes up to 30% of world silver production.
If Trump wins, price of metal might still rising due to his monetary (inflationary) policies.
If Biden wins, BHP will be a huge player as a raw material supplier of a possible boom of Solar and renewable energy
TECHNICAL ANALYSIS. 1D TIMEFRAME.
Historical support on $46.80 - $47.70 range. 4 clear rebounds on this level over last 15 months (yellow rectangles). March´s COVID-19 meltdown was the only time that this support was broken.
Last week this price range was tested again and showed quite strong even with a high seller volume . This time we've got MA200 assisting as double support just above Fibonacci´s 0.382 level.
Strategy: Monday and Tuesday sessions are crucial to confirm rebound on support pointed out. Specially with the high volatility and bear forces we might expect for this week.
If price resist this level and cross MA200, we´ll be able to open a long position with a target of $58.55 (+21.5%).
Trade active:
☑ Rebound Forecast accomplish.
Critical hours from now on but we are on track.
Critical hours from now on but we are on track.
Trade active:
Great trade over here! 12,78% profit since we opened this position.
Now it looks like its taking a break just over Fibonacci 0.236 that we have pointed out two weeks ago.
Even if we zoom in to a 1H timeframe, we can observe that it has confirmed rebounding on this level.
Still looking for our target of $58.55
Now it looks like its taking a break just over Fibonacci 0.236 that we have pointed out two weeks ago.
Even if we zoom in to a 1H timeframe, we can observe that it has confirmed rebounding on this level.
Still looking for our target of $58.55
Trade closed: target reached:
Target overreached! Almost +30% profit since the opening of the position.