BSL.AX slides to lowest close since July 31st

Bluescope Steel Limited (BSL.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


BSL.AX crashes, loses A$0.48 (-2.62%) within a single day
BSL.AX breaks key support level
BSL.AX dominated by bears dragging the market lower throughout the day
BSL.AX breaks below 50-day moving average
BSL.AX fails to close above 20-day moving average


Moving lower for the 2nd day in a row, BSL.AX ended the week -0.17% lower at 17.87 after tanking A$0.48 (-2.62%) today. This is the biggest single day loss in over a month. Today's closing price of 17.87 marks the lowest close since July 31st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 18.25, the stock confirms its breakout through the previous session's low having traded A$0.43 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (BSL.AX as at Aug 10, 2018):

Daily technical analysis candlestick chart for Bluescope Steel Limited (BSL.AX) as at Aug 10, 2018

Friday's trading range was A$0.48 (2.64%), that's above last trading month's daily average range of A$0.38. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.

Prices are trading close to a key support level at 17.77. Breaking below the key support level at 18.08 today, it is now likely to act as resistance going forward. After spiking up to 18.30 during the day, Bluescope Steel found resistance at the 20-day moving average at 18.29.

Though the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The market broke below the 50-day moving average at 18.05 today for the first time since August 3rd.

Selling could speed up should prices move below the close-by swing low at 17.82 where further sell stops might get activated.

Market Conditions for BSL.AX as at Aug 10, 2018

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