This morning, leading metals and mining giant BHP Billiton Limited (NYSE:BHP) announced that it will split into two separate companies. Generally, this type of news would be beneficial to shareholders, but that is not the case today. Currently, the stock is trading lower by $2.67 to $70.09 a share. Traders should now watch the $69.25 area for intra-day support. This is a level where the stock will likely be supported by the institutional money. Day traders should note that this support level was a break-out point in early July so traders could expect the stock to bounce around this area.
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Nick SantiagoChief Market Strategist
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