Falling Wedge Breakout + Drill News Surge — Eyes on $0.855 Pivot
🎯 BHM.AX: Falling Wedge Breakout Driven by Pinnacles Drill Intercepts ⛏️
Broken Hill Mines Ltd (BHM.AX) has staged a massive +12.4% intraday breakout, cracking the upper resistance line of a multi-month Falling Wedge pattern following high-grade silver-lead-zinc intercepts from its Pinnacles Phase 2 drilling program.
While news-driven momentum is strong, price is now approaching a critical structural pivot at $0.855 (previous major swing lows). Patience is required to confirm a clean daily close above this level.
🔑 Technical & Fibonacci Confluences
Structural Wedge Reversal:
Price has broken out of the descending compression channel between $1.160 and $0.515, backed by daily Break of Structure (BOS) signals.
Fibonacci Target Confluence:
Base Breakout Pivot: $0.840 – $0.855
0.618 Retracement Target: $0.920
127.2% Fib Extension Target: $1.130 (Confluences with the major historical supply node at $1.160).
161.8% Fib Extension Target: $1.240
Indicator Confirmation:
VectorVest DEW system shows an active BUY ("B") signal with price holding firmly above the 30-day WMA (~$0.700). MACD histogram is expanding steadily into positive territory.
📊 Tactical Execution Scenarios
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VERDICT: Bullish Trend Shift — Wait for Confirmation
🔵 Scenario A (Breakout Entry):
Wait for a daily close above $0.855 to confirm supply absorption before targeting higher Fib extension levels.
🟢 Scenario B (Pullback Entry):
Look for a controlled retest of broken wedge resistance around $0.750 – $0.770.
🛑 Risk Management:
Stop-Loss: $0.690 (Below 30 WMA & 0.382 Fib at $0.715)
Target 1: $0.920
Target 2: $1.130 (127.2% Fib Extension)
Target 3: $1.240 (161.8% Fib Extension)
⚠️ What Makes This Trade Wrong? (Invalidation)
A daily rejection at $0.855 resulting in a daily close below $0.690 invalidates the breakout structure, returning price to the wedge consolidation zone.
💡 Note: Never FOMO buy directly into overhead structural resistance! Let price confirm a daily close above $0.855 or catch the retest at $0.770 for an optimal Risk/Reward ratio. Capital preservation first!
Broken Hill Mines Ltd (BHM.AX) has staged a massive +12.4% intraday breakout, cracking the upper resistance line of a multi-month Falling Wedge pattern following high-grade silver-lead-zinc intercepts from its Pinnacles Phase 2 drilling program.
While news-driven momentum is strong, price is now approaching a critical structural pivot at $0.855 (previous major swing lows). Patience is required to confirm a clean daily close above this level.
🔑 Technical & Fibonacci Confluences
Structural Wedge Reversal:
Price has broken out of the descending compression channel between $1.160 and $0.515, backed by daily Break of Structure (BOS) signals.
Fibonacci Target Confluence:
Base Breakout Pivot: $0.840 – $0.855
0.618 Retracement Target: $0.920
127.2% Fib Extension Target: $1.130 (Confluences with the major historical supply node at $1.160).
161.8% Fib Extension Target: $1.240
Indicator Confirmation:
VectorVest DEW system shows an active BUY ("B") signal with price holding firmly above the 30-day WMA (~$0.700). MACD histogram is expanding steadily into positive territory.
📊 Tactical Execution Scenarios
==================================================
VERDICT: Bullish Trend Shift — Wait for Confirmation
🔵 Scenario A (Breakout Entry):
Wait for a daily close above $0.855 to confirm supply absorption before targeting higher Fib extension levels.
🟢 Scenario B (Pullback Entry):
Look for a controlled retest of broken wedge resistance around $0.750 – $0.770.
🛑 Risk Management:
Stop-Loss: $0.690 (Below 30 WMA & 0.382 Fib at $0.715)
Target 1: $0.920
Target 2: $1.130 (127.2% Fib Extension)
Target 3: $1.240 (161.8% Fib Extension)
⚠️ What Makes This Trade Wrong? (Invalidation)
A daily rejection at $0.855 resulting in a daily close below $0.690 invalidates the breakout structure, returning price to the wedge consolidation zone.
💡 Note: Never FOMO buy directly into overhead structural resistance! Let price confirm a daily close above $0.855 or catch the retest at $0.770 for an optimal Risk/Reward ratio. Capital preservation first!
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คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน