Short
JSE:BIL BHP Billiton Remains Overbought
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.