BHP BILLITON (BHP) DAILY LONG
BHP Billiton's share could find support at the 31 150 price level, which is an area of interest from the weekly timeframe. Since this analysis is based on a higher timeframe, it could take several days before this can happen. The weekly timeframe shows a healthy trend, with symmetrical, deep pullbacks. We are currently on one of these pull backs, and am hoping that buyers will come in at the mentioned support zone. Also be aware that prices could tank further to the trendline and possibly find support there. Pulling up a Fibonacci tool, we can see that the 31 186 area represents a 50% retracement, which could be a good entry for traders who use this tool. Personally, i prefer the feeling of jumping into the markets with nothing but price and a stop loss as my parachute in case i "crash" land. (pun intended)
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