BSL Trade Idea

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By :  ,  Financial Analyst

BlueScope Steel Limited is a steel manufacturing company. The Company's segments include Australian Steel Products, which produces and markets a range of coated and painted flat steel products, as well as various commodity flat steel products; New Zealand & Pacific Steel, which includes the New Zealand Steel, and BlueScope Pacific Islands business areas; BlueScope Buildings, which provides EBS and Lysaght operations in China; Building Products ASEAN, North America & India, which is involved in metallic coating, painting and steel building product operations, among others, and Hot Rolled Products North America, which includes North Star BlueScope Steel, a single site electric arc furnace producer of hot rolled coil.

The Daily chart of BSL shows the divergence of a rising relative strength while price was falling into the December lows of $10.50. A resurgence of price during January 2019 had left a price GAP on the chart as price continued to rally into a Bearish Wedge. This current move lower on Monday 11/02/2019 saw the Gap filled with a rally into the close of the day. Today price action has set up a Pivot Point reversal as the buy signal.

A further price target is set at $13.05 for the coming weeks with a STOP LOSS set at $11.41.
The Stop loss is important as price moving to this level would infer a continuation of the down trend.

BSL Trade Idea

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