BHP and RIO pushed to the brink

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The oil and commodities crash has hammered RIO and BHP this morning to within a whisker of terminal chart supports before we head ignominiously for GFC lows. RIO is down 2.1% at $49.50 within its enormous and bearish descending triangle pattern and within spitting distance of the 2012 post-GFC low:

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The GFC was in the low $20s.

BHP is much the same, down 3% and right at its January low:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.