BHP Billiton (JSE_BIL) has been in a good upward stride. Last week it looked like a possible breakout however price is at the overbought line on diminishing volume. Waiting for BIL to pullback to oversold conditions to go long with the upward stride.
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The pullback seems to have started last week on diminishing volume although the stock is still showing significant leadership against the Wyckoff Wave.
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BIL is showing continued weakness at the overbought line. There is divergence between price and the Volume TDI (RSI) pointing towards a continued pullback.
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On the Daily chart we see the BIL is trading in a sideways range at the over bought line. There was some volume coming in at the end of last week and the Volume RSI is showing divergence which is indicating downward pressure.
