Waiting for confirmation of the break.
South32 is a globally diversified metals and mining company. They mine and produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America. In May 2015, South32 successfully demerged from BHP Billiton and listed on the Australian Securities Exchange, the Johannesburg Stock Exchange (JSE) and the London Stock Exchange.
Weekly: There has been a break of the support trendline but price pulled back above it. I will be looking at smaller time frames to confirm whether the break to the downside will be confirmed.
H4: A breakout on this structure would indicate the start of more downside with targets around the 2400 mark. There is the possibility of another leg up but at this point in time I am expecting to see confirmation of the downside.
Weekly: There has been a break of the support trendline but price pulled back above it. I will be looking at smaller time frames to confirm whether the break to the downside will be confirmed.
H4: A breakout on this structure would indicate the start of more downside with targets around the 2400 mark. There is the possibility of another leg up but at this point in time I am expecting to see confirmation of the downside.
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