BSL.AX pushes through previous session high

Bluescope Steel Limited (BSL.AX) Technical Analysis Report for Jul 13, 2018

Highlights

BSL.AX closes higher for the 4th day in a row
BSL.AX pushes through previous session high
BSL.AX rises to highest close since June 21st

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:

Overview

Moving higher for the 4th day in a row, BSL.AX finished the week 5.12% higher at 18.49 after gaining A$0.44 (2.44%) today. Today's closing price of 18.49 marks the highest close since June 21st. Closing above Thursday's high at 18.12, the market confirms its breakout through the prior session's high having traded A$0.60 above it intraday.

Daily chart for BSL.AX

Volatility

Friday's trading range was A$0.47 (2.57%), that's slightly above last trading month's daily average range of A$0.41. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to the key resistance level at 18.79.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 18.81, upside momentum could speed up should Bluescope Steel be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Bluescope Steel Limited

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