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Online Share Trading

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BHP

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Not applicable
Can anyone advise on the direction in the next few weeks ?
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16 REPLIES 16
Not applicable
Keep on going baby .....
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Not applicable
Looks like it hit some support at R128-95 and the RSI3 has just crossed above 30 from a bottoming formation. This is a bullish sign and as such I think I will remain long for the medium term. OMO. (But let's see if Chartist agrees - he's been at this a lot longer)
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Not applicable
RM, agree with you, the fact that we closed above the 21 ema and a resiatnce line est since 7/11 is good, market still thin so what we can ascribe to the price action is limited. Nothing else to add really....
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Paribus
Contributor
Yeah, I've also been seeing all the signs but I don't know if I can trust them with such low volumes.
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dimitri_1
Occasional Contributor
I don't know about the next few weeks, but the next few months may follow base metals down. Remember, hedge funds are shorting base metals at the moment due to oversupply, which will affect BHP. Fundamentally, I'm not touching it until it goes down to the 2005 prices in the R70's. Fundamentally, that's a price I'm willing to look at. Technically, it's not looking too good for the short term either, and it's far too close to the 200 EMA for my liking.
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Not applicable
I wouldnt be basing my trading decision on what hedge funds are doing - turn that damm bloomberg and CNBC off - its harmful to your portfolio...
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dimitri_1
Occasional Contributor
I'm not basing my trading on what the hedge funds are doing. Just adding it to my lot of information for my decision making. I've been actively trading for 14 years. I got to the point of making my own mind up and following my own decisions a hell of a long time ago. And regardless of whether the hedge funds are shorting or not, there's still an oversupply of base metals which WILL affect BHP this year. There cash flow also leaves much to be desired. And technically, BHP is still looking unhealthy. Use the info, don't use the info. It's up to you. But don't for a second assume I base my decisions on somebody else's ideas.
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Not applicable
dimitri - the mere fact that you mention it means that you are "adding it to my lot of information" (as you put it). I think any reasonable person would for more than a minute be justified in assuming that it forms part of your decision making. Of course its impossible to ever know just how important (or reliable) this information is but I am sure that over the 14 years you have some kind of system worked out....
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Paribus
Contributor
Mmm. What about the divergence that's been forming on both the RSI14 and Momentum14 from 17/11 and 27/11 respectively? And OBV made a low on 12/12. All the signals are telling me to go long. All's I'm worried about is the low volume.
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Werner_1
Super Contributor
so, do you expect this to recover this week still?
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dimitri_1
Occasional Contributor
Chartist, when I say that I don't base my decisions on someone else's ideas, what I meant is that I don't base my decisions on just one piece of info that just one source gives me. That would be plain stupid, and as bad as getting tips on stocks from your buddies around the braai. I get as much info on the facts about the economy, industry and company, from different sources, and I make my own decisions from there. Read whatever you like in my statement above, but the fact remains that there's an oversupply of base metals, and BHP will be hit in the near future because of this. I'm not saying it'll cripple the company, but if you're currently long on BHP, then you may find yourself in trouble. And technically, for the traders on this forum, BHP is still in a downward trend which it has been since early November. DMI, EMA and stochastics show this, if you're into technicals.
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Not applicable
yes what you say is quite correct - I would certainly not be going long BHP as the short term trend is still very much down... that doesnt mean that BHP will not be a buy before we reach your, let us just say, rather ambitious downside target based on such a wide macroeconomic view is not relevant to traders...
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dimitri_1
Occasional Contributor
ou're right, it's not relevant to short-term traders. But definately relevant to medium to long-term traders and investors.
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Not applicable
why are the forumites focused on this share so much? it is one of the top 40's worst performing shares recently. there are much better options out there.
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Observer101
New Contributor
It's completed a small head and shoulders formation on R132.00 line.
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