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A bucket wheel reclaimer is moved into position at BHP Billiton’s iron ore loading facility in Port Hedland, Australia.


BHP Billiton Ltd. had a two-part rise from $24.53 to $104.59 (A-B-C) above a rising trend-line (solid line). In August, 2011, BHP violated both its 40-week moving average and the up-trend line (D) and started a new downtrend (dashed line). There is minor support at the $60-$62 level (dotted line), but a sustained decline below this level would signal lower targets. BHP may have a minor rally toward about $70, but only a sustained rise above $72-$75 would suggest the end of the current downtrend. A decline below $58-$59 would signal Point & Figure targets of $50 and $45.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More


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