Big mining charts do not look well

Wednesday 15 June 2016

I know Sinofax reckons that big miners are in a new bull market but the charts do not look well today. In fact, as BHP tumbled -4% in London, RIO -2.9% and GLEN -3.6%, all three are sitting on very precarious supports with bearish patters to boot. BHP has a pretty good head and shoulders pattern and a descending triangle:

RIO has a near perfect head and shoulders pattern and is sitting right on the neckline:

And GLEN appears to have both:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.