BSL.AX closes higher for the 2nd day in a row

Bluescope Steel Limited (BSL.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team


BSL.AX breaks back above 20-day moving average
BSL.AX closes higher for the 2nd day in a row
BSL.AX ends the day indecisive


Moving higher for the 2nd day in a row, BSL.AX ended Wednesday at 12.35 gaining $0.12 (0.98%), strongly outperforming the ASX 200 (-0.25%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (BSL.AX as at Feb 13, 2019):

Daily technical analysis candlestick chart for Bluescope Steel Limited (BSL.AX) as at Feb 13, 2019

Wednesday's trading range has been $0.34 (2.75%), that's far below the last trading month's daily average range of $0.45. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BSL.AX.

Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on January 22nd, BSL.AX lost -1.88% on the following trading day.

The stock managed to close back above the 20-day moving average at 12.31 for the first time since February 7th. Prices are trading close to the key technical resistance level at 12.55 (R1).

The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Bluescope Steel. Out of 280 times, BSL.AX closed higher 53.93% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 51.79% with an average market move of 0.84%.

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