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<\/p>\n\n\tBy Rudi Filapek-Vandyck<\/p>\n
\n\tIt has not escaped the TechWizard's attention that BHP Billiton ((BHP)) shares have spent the past 13 weeks below their 20 daily moving average (M\/A) and the shares are again weaker as week number 14 has started on Monday morning.<\/p>\n
\n\tThe Wizard believes BHP shares are now at a critical level. In the next few weeks the shares have to get back above the 20 M\/A on a weekly closing basis, says the Wizard, or the bulls simply will not get back on board.<\/p>\n
\n\tIn price terms, this means BHP shares have to close above $40.50. The shares opened below $38 on Monday morning.<\/p>\n
\n\tOn the other hand, the Wizard reports market bears should be watching the $35 level closely because if that level were to be breached to the downside on a weekly closing basis this would equal a resumption of the bear market for BHP shares.<\/p>\n
\n\tWere the latter scenario to happen, the Wizard reports he'd expect the shares to continue weakening on route to a test of the October 2008 lows.<\/p>\n
\n\t<\/p>\n