JSE:BIL BHP Billiton Remains Overbought
Updated
Since last month BIL has been pushing the overbought trend line (See last months tracking of BIL in the link below). It is now trading in a range with continued tests of the highs. There is multiple divergences between price and the Volume RSI indicating a possible break back to the oversold line. A second set of double tops can be seen. After a drop in volume on the second test a move to the resistance line of the range a then to the oversold line of the trend is expected.
Note
After the distribution range has played out the break back to the oversold trend line has started.
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