BHP First-Half Profit Surges 72% as Prices Rise
David Fuller's view
Here is Bloomberg's
report on BHP, a share of interest to many subscribers and which is the
seventh largest holding, by weighting,
in my personal long-term portfolio. It was released after the close on Wall
Street.
Today's interesting charts - Price
charts are our reality check.
USD/JPY
is still rangebound
but with more upward than downward daily dynamics, indicating a potential base.
A break back under ¥83 is now required to suggest more than temporary resistance
near the November and December highs. Furthermore, a break beneath ¥81 would
now be required to check the sequence of rising lows, questioning recovery potential
from the historic trough.
Japan's
2nd Section Index (monthly,
weekly & daily),
which often leads, may be completing a large Type-3 (ranging, time and size)
base formation as taught at The Chart Seminar. A decisive break above the September
2009 and April 2010 highs, followed by a consolidation above those levels would
provide additional evidence of medium-term recovery potential.
Gold
bullion is edging
higher following its mean reversion reaction and consolidation towards the
medium-term upward trend represented
by the rising 200-day moving average. A close beneath $1300 would now be required
to seriously question current scope for sideways to higher ranging.
Wheat's
downward dynamic today may have checked
upward
momentum for the near term. However a decline back beneath $8 would be required
to question seriously current scope for additional gains, suggested by underlying
trading, over the medium term.