BSL.AX slides to lowest close since July 31st


Bluescope Steel Limited (BSL.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 63% Bearish
Technical Forecast:
Overview

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 chart for BSL.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a slightly bearish sentiment for the next trading day.

Market Conditions for Bluescope Steel Limited
Condition Forecast Direction Win Avg Worst Best Events
3 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
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