XMJ BHP Bullish Divergence
XMJ Materials Index ( mostly BHP RIO ) shows continued bullish divergence.
The daily chart showing lower lows and the RSI showing higher lows.
To early to call a trend change, however the divergence is a strong indicator of oversold conditions.
The BHP chart below shows an unconvincing rally, but again the divergence is in place with growing volume,
suggesting churning of stock, also an indication of a bottom being set.
In the short term the GAP up on BHP is very bullish.