BlueScope Steel (ASX:BSL) Upward Trend

BlueScope Steel (ASX:BSL) Upward Trend

BlueScope Steel (ASX:BSL) Upward Trend

Overall, the bias in prices is: Upwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 9.49.

The projected lower bound is: 8.25.

The projected closing price is: 8.87.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 72.4085. This is not an overbought or oversold reading. The last signal was a sell 0 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 63.77. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 1 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 89. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 3 period(s) ago.

Rex Takasugi – TD Profile

BLUESCOPE FPO closed down -0.120 at 8.820. Volume was 3% below average (neutral) and Bollinger Bands were 29% wider than normal.

Open High Low Close Volume___
8.890 9.055 8.800 8.820 3,842,309

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 8.41 7.66 5.88
Volatility: 49 52 53
Volume: 3,863,755 3,345,321 3,828,126

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

BLUESCOPE FPO is currently 49.9% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect volume flowing into and out of BSL.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BSL.AX and have had this outlook for the last 3 periods.

Description

BlueScope Steel Limited produces metal coated and painted steel building products, principally focused on the Asia-Pacific region. The Company offers a range of branded products that include pre-painted COLORBOND steel, zinc/aluminium alloy-coated ZINCALUME steel and the LYSAGHT range of building products. It operates through five segments: Australian Steel Products (ASP); New Zealand & Pacific Steel (NZPac); Global Building Solutions (GBS); Building Products ASEAN, North America and India (BP), and Hot Rolled Products North America (HRPNA). It has metallic coating, painting and steel building product operations in China, India, Indonesia, Thailand, Vietnam, Malaysia and North America, primarily servicing the residential and non-residential building and construction industries across Asia, and the non-residential construction industry in North America. It operates two iron sand mines in New Zealand. It also supplies engineered building solutions to industrial and commercial markets.
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