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

TIM WIMBORNE/Reuters

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. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

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