BHP Billiton (BHP) Share Price Tip and Analysis

Submitted by Marco on 11 June, 2006 - 13:26

Shares in BHP Billiton (BHP) has fallen considerably as of late. Considering that many brokers are bullish about BHP many traders are wondering if there is still a chance that BHP will resume its bull run. The latest fall in prices was driven by concerns that rising US interest rates would slow the global economy’s demand for commodities. After all the falls Macquarie Research Equities (MRE) still retains their Outperform recommendation for BHP.

Technical analysis reveals that on Thursday (The second last day of trade on the chart), BHP fell below a support level set by the inverted hammer and the increased volume on that day. The next major support level is around the $25.50 mark. For now the short term trend is down while the long term trend is still up. Any falls below the red line - the 200 day exponential moving average will test the long term uptrend.

BHP Billiton is listed on the Australian Stock Exchange (ASX) under stock code BHP. Check your charts!