Sell BHP Billiton (BHP) - Time to fade the rally.

Sell BHP Billiton ( BHP )

I have stayed out of stocks for a few weeks, but now I am ready to start fading this recently rally in anticipation of a fresh wave of selling. Looking at the index charts (will post shortly) there is scope for a bit more upside in the very short term, but it is looking increasing limited.

BHP Group PLC , formerly BHP Billiton Plc , is a global resources company. The Company is a producer of various commodities , including iron ore, metallurgical coal, copper and uranium. Its segments include Petroleum, Copper , Iron Ore and Coal. The Petroleum segment is engaged in the exploration, development and production of oil and gas. The Copper segment is engaged in mining of copper , silver , lead, zinc, molybdenum, uranium and gold .

Market Cap: £64.45Billion

BHP Billiton has rallied impressively from the lows, but this is now looking a little tired on the weekly chart. We have seen the shares hit the 38.2% Fibonacci retracement and post what is looking like a shooting star candle. The move higher looks done for now and there is a chance that this could re-visit the March lows in the coming weeks.

Entry: (at market – 1270p)
Stop: 1372p
Target 1: 1145p
Target 2: 1030p
Target 3: 940p

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