Hi Everyone, there is a sell setup playing out here for BHP on the London Stock Exchange.
We are waiting for the break of the lower trend line and then will watch it on a lower time frame for a retest and rejection.
There is also a potential for it to bounce up to the top trend line where there would be another opportunity to sell although that would be higher risk.
Potential move up to complete the head and shoulders pattern. That could lead to a fall. At the same time, we could see price move back into value to the point of control, and even further. I do doubt we will see a large fall as the UK market has shaken off Brexit uncertainty extremely well. In this case, it is possible that 3000 could be seen.
I have had BARC in my sights for a few months now and it is starting to pick-up. Will continue to see what happens from next week but we could see a bottom here.
RECOMMENDATION SELL
SUPPORT level of 1057
TARGET 1047
STOP LOSS 1067
CHART FORMATION:-
Stock is trading in a range and line will lead to downside movement. Stock is trading near the 50 DMA with negative bias.
INDICATORS:-
RSI is trading near to 49.60 level with negative bias, in upcoming session downside movement is expected.
MACD and Signal line is...
