ENTRY: 19.82 SL: 19.87 TP: 20.43-20.93 - ADX>25 - Daily RS +ve - Daily FFI -ve - Weekly RS -ve - Weekly FFI +ve - Moving averages are aligned. - Need to be wary of upcoming earnings result. - Entry based on breakout today with volume.
Disclaimer: I am a new trader, practicing Elliot Wave Theory on the ASX. I aim to publish these ideas for my own journalling, as well as to accept feedback from the community in order to help me learn. This is my analysis for BSL - Bluescope Steel Ltd. The ABC corrective wave seems to be over, so we can look forward to the 5-wave impulse move. Retracements (2)...
New story emerging after 2009 - something really strong ..keep an eye. If stock gives close above 2009 on monthly closes basis - significant upside potential.
Entry: 19.38 Stop loss: 18.68 Went long in the counter after it broke out with above average volume today. 3 SMAs are in order.
Entry: 16.89 Stop loss: 16.31 Broke out with good volume from a cup and handle pattern. 3 SMAs are in order.
ENTRY: 16.89 TP1: 17.52 TP2: 18.84 SL: 16.07 - ADX>25 today (17 Nov 2020) - RSI>70 today (17 Nov 2020) - MAs are aligned - Break up with good volume
Comparing BlueScope (BSL) performance against major world indices
Buyers have broken trend line to make a bullish flag that is backed by volume
On the weekly the MACD is sloping upwards with the Stoch doing the same thing, also the price is consolidating just under the 50 ema with the 13 ema rising below it. On the Daily, the chart shows that the stock might have a breakout with the confirmation on the stoch as a bullish move for a breakout. Looking for buys above $13.18.
Yesterday BSL release its full year earning report and it was disappointing results, hence the share drop 8%. I was keeping an eye on it and what i like about it on a technical point view was on the daily, before its gap down. The price was just below 13 and 50 ema with the stoch confirming my bearish point of view, also on the weekly both 13 and 50 ema are above...
To me it looks like the bears could be pooped on Bluescope. Watch for more confirmation of a turning point and go long
BSL looks like it may have a possible break out. If it does, and Trump is a good boy I think these are the next price targets it will go after. Target 1 - 13.05 Target 2 - 13.66 Target 3 - 14.51
$BSL.ASX - Hourly, Price got rejected in the last attempt to move up, Took a short Position Aiming $14.60...
$BSL.ASX - Daily, price is in wave 3 down took Short position aiming 14.45, Let's see... GL!
details on the chart