Fundamentally sound - both BHP and RIO
Iron ore prices testing key trend line support on longer-term charts Weekly
BHP is testing 0.618 and RIO 0.5 FIBs
Gold miners NST and NCM testing support but need more confirmation as they are sensitive to USD fluctuations.
Possible trading options:
Leaps
Put sell
BHP Group on the Uprise..we see the stock trading at a good support level and the RSI in a highly oversold region and forming a Falling Wedge Pattern. So I would certainly wait for the breakout to happen from the pattern and trade the stock in lots for a good profit potential
In this special idea I apply the AriasWave methodology to a stock by incorporating the main pattern in Global Markets.
See related idea below for the DOW JONES to understand this pattern. I will post an idea shortly for the FTSE 100.
Using the AriasWave framework and the main pattern which a TYPE-2 ZIG ZAG I apply careful and precise wave analysis to this...
