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BHP fuels ASX 200 surge
By Colin Twiggs
July 23rd, 2014 5:00 a.m. EDT (7:00 p.m. AEST)
A surge in production from miner BHP Billiton — shipping 223 million tonnes in FY 2014 against earlier projections of 207 million tonnes — helped the ASX 200 break through resistance at 5550/5560 today. Expect retracement to test support at 5550 and the rising trendline. Respect would confirm a medium-term target of 5700*.
* Target calculation: 5550 + ( 5550 - 5400 ) = 5700
ASX 200 VIX below 10 continues to indicate a bull market.
The Australian Dollar responded to the influx of international buyers, breaking resistance at $0.94. Follow-through above $0.945 would confirm a rally to $0.97. RBA intervention has so far proved ineffectual, but reversal below $0.94 would warn of a test of $0.92.
Reason and Ignorance, the opposites of each other, influence the great bulk of mankind. If either of these can be rendered sufficiently extensive in a country, the machinery of Government goes easily on. Reason obeys itself; and Ignorance submits to whatever is dictated to it.
~ Thomas Paine, The Rights of Man