BHP Billiton, is a trade that we are currently short on from 1408, utilising our absolute return strategy - Trend Following.
The chart shows lower highs and breaks to the DS of key horizontal & ascending TL support levels, which the market has failed to hold and has in turn broken further to the downside, after watching the pair consolidate within an equidistant price channel, Price broke down, outside of the EPC and closed below the 200 day EMA ! Giving scope for further downside, subject to price continuing to trade and hold below these two previous key levels of support, now resistance !!! Price closed below these two key levels.
As we are trend-following, we don't have a set 'take profit' area, however, if we look at where the market could be heading, we look towards the support levels at 1313. Here we expect price to enter a phase of consolidation / distribution, whilst the market digests the fundamentals and other technical patterns. IF price fails to hold this support level, we could look for BLT to be retesting the lows of April 2016 around 1100 !
The chart shows lower highs and breaks to the DS of key horizontal & ascending TL support levels, which the market has failed to hold and has in turn broken further to the downside, after watching the pair consolidate within an equidistant price channel, Price broke down, outside of the EPC and closed below the 200 day EMA ! Giving scope for further downside, subject to price continuing to trade and hold below these two previous key levels of support, now resistance !!! Price closed below these two key levels.
As we are trend-following, we don't have a set 'take profit' area, however, if we look at where the market could be heading, we look towards the support levels at 1313. Here we expect price to enter a phase of consolidation / distribution, whilst the market digests the fundamentals and other technical patterns. IF price fails to hold this support level, we could look for BLT to be retesting the lows of April 2016 around 1100 !