Billiton Limitied (BHP) has had a rough 5-years, as its down nearly 50% from its 2011 highs. It’s pattern and the Euro look a good deal alike!
BHP may have created a “W” bottom at falling channel support and it is attempting an upside breakout in the chart above.
Euro has had a rough couple of years as well. On a short-term basis the Euro is attempting to break above short-term falling resistance. Very few investors believe the Euro will rally. The lower left inset box highlights bullish sentiment (From Sentiment Trader) towards the Euro stands at just 20% bulls right now, which is a couple of percent above the lowest sentiment levels in a decade plus.
Should the Euro push higher, some hard hit commodities could catch a bid and push them higher.
Stay tuned, some out of favor assets could be fun to own!