If you find the text too small to read on this website, press the CTRL button and,
without taking your finger off, press the + button, which will enlarge the text.
Keep doing it until you have a comfortable reading size.
(Use the - button to reduce the size)

Today's quote:

Wednesday, June 16, 2021

Self-fulfilling prophecy?

 

Trading Central has detected a "Top Triangle" chart pattern formed on BHP Group Ltd (BHP:ASX). This bearish signal indicates that the stock price may fall from the close of 48.37 to the range of 43.80 - 44.70. The pattern formed over 21 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

Tells Me: The price seems to have reached a top, showing signs of reversal as it has broken downward after a period of uncertainty or consolidation. A Top Triangle shows two converging trendlines as prices reach lower highs and higher (or stable) lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks down below the lower trendline with a noticeable increase in volume, confirming this bearish pattern as a reversal of the prior uptrend.

This bearish pattern can be seen on the above chart and was detected by Trading Central proprietary pattern recognition technology."

Trading Central are an industry leader in automated interpretation of technical, fundamental and value-based analytics. Their interpretations often come true simply because the persons reading them believe they will and their resulting behaviours align to fulfill the interpretations.


Googlemap Riverbend

 

P.S. Subsequent closing prices:
17/6/21 $47.69 (Low $47.45/High $48.33)
18/6/21 $46.52 (Low $46.21/High $47.31)
21/6/21 $45.61 (Low $45.61/High $46.09) was this the bottom???
22/6/21 $46.68 (Low $46.33/High $46.89)
23/6/21 $47.16 (Low $46.80/High $47.45)
24/6/21 $47.60 (Low $47.36/High $47.79)
25/6/21 $47.90 (Low $47.77/High $48.10)
28/6/21 $48.40 (Low $48.04/High $48.54)
29/6/21 $48.06 (Low $47.65/High $48.12)
30/6/21 $48.57 (Low $48.27/High $49.10)
1/7/21 $48.22 (Low $48.18/High $48.74)
2/7/21 $48.55 (Low $48.16/High $48.59)
5/7/21 $48.45 (Low $48.21/High $48.58)
6/7/21 $48.85 (Low $48.64/High $49.36)
7/7/21 $48.80 (Low $48.01/High $48.81)
8/7/21 $49.66 (Low $49.38/High $50.03)
9/7/21 $49.48 (Low $49.11/High $49.63)
12/7/21 $51.05 (Low $50.87/High $51.33)
13/7/21 $50.70 (Low $50.70/High $51.61)
14/7/21 $50.96 (Low $50.73/High $51.22)
15/7/21 $51.53 (Low $50.78/High $51.66)
16/7/21 $51.87 (Low $51.27/High $51.91)