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Possible Bearish Inside Day Candle Pattern Detected for BHP Billiton (NYSE:BHP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in BHP Billiton (NYSE:BHP) based on the price action in the company's shares. Today's price range of $31.03 and $31.28 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of BHP Billiton may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

BHP Billiton has overhead space with shares priced $31.27, or 29.8% below the average consensus analyst price target of $44.56. The stock should discover initial support at its 200-day moving average (MA) of $29.28 and subsequent support at its 50-day MA of $27.25.

BHP Billiton Limited is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration, production, and refining.

BHP Billiton share prices have moved between a 52-week high of $52.43 and a 52-week low of $18.46 and are now trading 69% above that low price at $31.27 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.5%.

SmarTrend is tracking the current trend status for BHP Billiton and will alert subscribers who have BHP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle BHP Billiton

Ticker(s): BHP