I am quoting from CommSec's daily trading alert on BHP shares which reads in full, "BHP Group Ltd forms bullish 'Pennant' chart pattern. Trading Central has detected a 'Pennant (Bullish)' chart pattern formed on BHP Group Ltd (BHP:ASX). This bullish signal indicates that the stock price may rise from the close of 52.50 to the range of 59.75 - 61.25. The pattern formed over 8 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis."
I received that alert AFTER I had sold some of my BHP shares at $52.50 to take a large and promising position in Hawsons Iron (HIO) but I still hold enough BHP shares to benefit from this predicted price increase which would be quite incredible if it occurred over the next eight days.
I had BHP pencilled in as a sell at $55 - click here - but $59.75 - $61.25? WOW! And WOW! If my next blog is from Bora Bora, you'll know why!
On this positive and prosperous note, have yourself a Happy Easter!
