BHP Billiton PLC (SA)
The price of BHP Billiton is trading at resistance (29600) whilst in overbought territory, which suggests that traders with a bullish bias might be afforded the opportunity to accumulate at a slightly better level than is current.
Range traders might look to accumulate near support at 25450 targeting a rebound back towards current resistance at 29600. Breakout traders might wait for a close above resistance at 29600 anticipating a move towards the next resistance level at 33450.
Trend supersedes the overbought signal and in turn, a breakout would assume the resumption of trend thereby holding less relevance to the cyclical indication. Pending shareholder approval and the possible unbundling of the new South32 operations, the technical view provides a shorter-term expectation, which precedes the event.nt.