BSL - Bluescope Steel

[trainspotter]

Read previous posts to form your opinion. Mine is on display for all to see. Still undervalued IMO but better to make 20% now and adopt a wait and see approach.

 

[makingmoney]

agreed with trainspotter..i hope the train crashes now..then il rebuy in l8tr..i think todays highs where the top of the bulls its shows 2.91 as resistance..now im hoping 4 a drop off

 

[trainspotter]

Still predicting $3.43 by the end September ????? Hmmmm they gonna have to get a few more contracts to surge that much me thinks.

 

[alter1217]

I bought some back a couple of weeks ago when it dropped to 2.28... its now 2.9. I'd like to sell and realise my profits but some of me is feeling greedy and want to see if it goes up some more after looking at the 6 month graph.... im thinking it might go back up to 3.2 ish if this keeps up, but this is just the greedy me talking.

I've put a sell order at 2.95. See what happens today.

 

[trainspotter]

Sounds like you have talked yourself into it alter1217. Don't mind a 29.34% profit in a few weeks. Keep up the good work ! Greed is good. But discretion is the better part of valour.

 

[skyQuake]

You could try selling say 1/2 your holdings if you get uncomfortable. That way you are better off psychologically as you can rationalize your decisions easier. Not necessarily the best management method, but certainly helps you sleep at night.

 

[alter1217]

Sounds like you have talked yourself into it alter1217. Don't mind a 29.34% profit in a few weeks. Keep up the good work ! Greed is good. But discretion is the better part of valour.

And its on top of a roughly 25% I made selling bsl at 2.57 after participating in the SPP... It isn't too bad, this stock.

Now if only I didn't lose roughly half the profits buying rio at $70 a piece to get into rio's SPP... only to have it dropped to 40's... although I did buy some more rio then as $46 was a bit cheap so my average price purchased was brought down to $55. Which brings me to...

You could try selling say 1/2 your holdings if you get uncomfortable. That way you are better off psychologically as you can rationalize your decisions easier. Not necessarily the best management method, but certainly helps you sleep at night.

I sold half my rio at $52 as it came back up. the china vs rio business is too risky for my liking. but I regret a bit selling 50% nonetheless as it rose through $53.5 today....

I'll just sell if bsl comes down to the 2.8 mark.

Never sell a rapidly rising stock without good reason (IMHO). I've learnt that lesson buying mqg.ax @ $16 and selling at $18 (dont laugh) when the newspapers were too much for me.

 

[alter1217]

Sold it for 2.95 the other day and now its heading towards 3.2, the price i guessed it would reach.

 

[MACCA350]

Sold it for 2.95 the other day and now its heading towards 3.2, the price i guessed it would reach.

just checked and my remaining parcel in BSL is up over 100%, might just keep this one in the bottom drawer

cheers

 

[lenny]

Is there any Candlestick experts out there ?

BSL had a bullish engulfing pattern form yesterday and i was wondering if it was still valid?

Thanks in advance
Lenny

 

[tasmanian]

Funny u should say that.I just noticed it myself.One of my favourite buy signals.

I bought some not long ago but only a few as things abit riskier atm but worth a go imo.If u buy though dont hold me responsible.ha ha.

Engulfing patterns either bearish/bullish are very good signals.This is not the strongest Ive seen but bullish engulfing patterns really show buying support or vice versa for the bearish engulfing.U could buy and put your stop right below the low of the engulfing I gave it abit more room though.

Like I said your decision just letting u know what I did.best of luck with it.

 

[lenny]

Thanks for the reply Tasmanian, Got in @ 2.89 & put my stop at $2.80 which is low of bullish engulfing candle and 50% fib ret.

Gl

 

[Taltan]

Are they paying a final dividend around Oct/Nov or are they skipping it son there won't be one until Mar/Apr next year?

 

[milothedog]

Fairly sure the dividend was scrapped at the time of capital raisings (can't find exact document), so next divvy is 18/2/10 ex date.

 

[clayton4115]

good time to go short? spinning top formed recently, perhaps put a stop at $3.52 and go short with a target price of $2.92 ?

 

[Dreadweave]

good time to go short? spinning top formed recently, perhaps put a stop at $3.52 and go short with a target price of $2.92 ?

Short selling isnt a part of my strategy but I recently sold out of BSL at 3.28 with the idea that it would drop fast real soon, So in a round about way my exit strategy supports your short strategy.

 

[clayton4115]

okies

im using cfds to short stocks, i think there will be alot more opportunities coming up as we all anticipate a broad market pullback,

banks are the first on my list.

 

[geea]

People have been calling a pull back for 2-3 months. Those that exited back them have missed a great run.
The market will always have corrections but trying to pick them is hard.
I reckon the markets going to be alot higher in 6 months time than it is now and i'm going to ride out the highs and lows so i don't miss the bus. Been buying hard since Nov 2008 and BSL is my best profit maker so far. I still see alot of upside in this stock.

Geea

 

[craigj]

bsl is a stock most affected by a rise in the aussie dollar
the weakness in the us dollar is not good for bsl

this is from last weeks eureka report

based on this i have sold my holding

 

[alter1217]

I've always thought stronger aussie dollar is a result of the strength of our commodities sector. i.e foreign countries exchange for $A to buy our commodities.

I see the stronger aussie dollar is a symptom of future strong commodities sector. Then again you can argue BSL is selling steel, not iron ore. I worry more about the coming ETS.

I never thought I'd be able to see BSL below my sell price again.