Wait for BHP to hit 69.6 one more time before going long

Wait for BHP to hit 69.6 one more time before going long

A reader requested a stock chart for BHP, here's my technical analysis:

BHP like most other stocks broke from an uptrend in late April. It just climbed above support at 69.6. Provided that the stock market doesn't turn 180 degrees and drop, BHP is a safe bet to hit 72-75. If it can climb and hold above 75 then BHP is headed for 79. BHP hit 69.6 today and bounced, I would wait for a second touch and hold of 69.6 to go long.

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