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BIL Chart Pattern

Reply
greenpeace
Not applicable
It looks like BIL is forming a type of "Broadening Formation", with a first high on 14Oct, higher high 5Nov, another higher high 28Nov, a first low on 10Oct, lower low on 27Oct another low on 20Nov. Apparantly this type of formation is quite rare and usually occurs after a bull-run. Are there any suggestions on what this type of formation mean after a big fall - typically wrt possible breakout, will a next low at R95-100 be reached, what will define a turning point.
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16 REPLIES 16
Not applicable
It looks like it wants to break above its 22 EMA again. If that holds BIL, and the whole JSE, will see some upside soon.
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DR_1
Super Contributor
cannot see what you saying, all I see is lower lows for the last 5 months
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moomoo
Contributor
Note that ema is still slunting downwards though
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Not applicable
Long-term I agree is down, and I do have a long-term short on it, but if it stays above the 22 day EMA, its unfortunately a bullish sign.
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Not applicable
...And seeing what Brent is doing I doubt that BIL will hold above its 22 day EMA.
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WR
Regular Contributor
Stock is down in US and also in Aus, so it should trend lower today as people close out positions before weekend. Went short from R180so am waiting for exit of R150
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moomoo
Contributor
Bil broke it's support levels. Down it slides.
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DR_1
Super Contributor
my luck, closed out at R152....
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Not applicable
can you please give me the support level that it broke through
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Electrox
Super Contributor
we touched the 61.8% retracement support today at about 147.70. Also if you draw the downward trendline of the highs since nid june. You can see we broke out of this trendline on 25 Nov. so BIL need to close and trade above R152.50 to hold this supprt.OMO comments welcom
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asylum
Super Contributor
thats the way i see it and could touch 110 very soon.
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moomoo
Contributor
3rd Resistance : 16674 2nd Resistance : 16037 1st Resistance : 15718 1st Support : 14762 2nd Support : 14125 3rd Support : 13806
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WR
Regular Contributor
Fightin hard to keep the 148 level
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moomoo
Contributor
MACD confirms that there is still some bull power. But its dying slowly. Cant wait for the bears to come out!
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Not applicable
In fact, there's massive bullish divergences for BIL and the ALLSH on MACD, RSI, Elder's Force Index, etc. A major dead cat bounce/up rally could be coming.
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DR_1
Super Contributor
Let it come, I like these rallys as the we know it will go down again, so its easy picking
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