Share
14,963 Posts.
lightbulb Created with Sketch. 56
clock Created with Sketch. 07/11/14
04:04
Share
Originally posted by fasttrade
↑
In looking for some insight into the near term prices for IO and FMG stock, I think it is smart to check out the charts. I'm talking the charts of BHP, RIO and XMJ. To my eyes, the chart formation of BHP for past 3 months is showing $35-36 and then $38-39 coming in the next few months (December-February). A few reasons for this could be (some specific to BHP) are, 1. Investors showing a strong demand for the upcoming spin off and wanting a share of it, 2. Upcoming dividends, 3. An anticipation of some capital return, 4. Further falls in the AUD against the USD and 4. A huge bounce in the Iron ore price that is currently unimaginable but possible. The RSI for BHP and RIO is bumping up against 50, wanting to push through even with recent IO price falls.
Expand
Fasttrade
