BHP Billiton Limited (ASX:BHP) Heffx Technical Analysis
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 22.15.
The projected upper bound is: 25.39.
The projected lower bound is: 22.71.
The projected closing price is: 24.05.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 31 white candles and 18 black candles for a net of 13 white candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 6 falling windows in the last 50 candles–this makes the current falling window even more bearish. The two candles preceding the falling window were black, which makes this pattern even more bearish.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Relative Strength Index
The current value for the 14 period RSI is 57.3141.
The RSI, written by J. Welles Wilder in 1978, can be used in several different ways to analyze a chart.
Tops and Bottoms
The RSI is not currently in a topping (above 70) or bottoming (below 30) range. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a Sell 24 period(s) Ago.
The RSI often forms chart patterns (such as head and shoulders or rising wedges) that may or may not be visible on the price chart. Since the analysis of chart patterns is subjective, the Expert Advisor cannot find them. You will have to visually inspect the RSI indicator to look for such patterns.
Failure Swings (also known as support or resistance penetrations or breakouts)
The RSI does not currently show any Failure Swings.
Support and Resistance
The RSI shows, sometimes more clearly than the price chart, levels of support and resistance. As with chart formations, this is subjective, so you must visually inspect the chart to determine this.
The RSI and price are not diverging.
Rex Takasugi – TD Profile
BHP BLT FPO closed down -0.570 at 23.980. Volume was 7% below average (neutral) and Bollinger Bands were 31% wider than normal.
Open High Low Close Volume___
24.100 24.350 23.760 23.980 8,328,853
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 23.62 22.36 19.59
Volatility: 59 38 49
Volume: 11,143,934 9,002,007 10,520,234
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
BHP BLT FPO gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
BHP BLT FPO is currently 22.4% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of BHP.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BHP.AX and have had this outlook for the last 3 periods.