BSL - Bluescope Steel

[alter1217]

I only started reading on technical analysis this week. Do you think BSL is in an inverted head and shoulders pattern? Or is it not applicable because there has been 2 share raisings, and BSL's price is now actually approximately $6, in January 2009 terms?

http://www.google.com/finance?chdnp=0&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1256619600000&chddm=78955&chls=IntervalBasedLine&q=ASX:BSL&ntsp=0

 

[Mister Mark]

Not one that has been mentioned for a while but seems an improver? Anyone following this stock, i do hold some and interested for some opinions.

 

[sid_ao7]

Been following this stock for a while, hold it too. Trading around the 2.08 range today, and from a technical standpoint i think it's definitely building some sort of base here.

6 month charts show it trading between the 2.08-2.50 range, and i've seen valuations of it, at over 3.10. Definitely due for a pick up at least toward the 2.20 range i would think.

 

[sid_ao7]

Interesting take on the steel industry:

The below is information taken from Zacks, that was posted on the 29th of October, about the outlook for the steel industry.

"According to World Steel Association (“worldsteel”), steel demand in the U.S. was down 41.6% in 2009 at 57.4 million tons. However, with the economy in recovery mode, the industrial sector is expected to drive a 26.5% increase in steel demand in the U.S. in 2010 and a further 7.5% in 2011 to 78.1 million tons.

The emerging economies reflected growth trends throughout the recession and are expected to continue to drive steel demand, going forward. Worldsteel expects steel demand in India to grow 13.9% and 13.7% in 2010 and 2011, respectively, following a growth of 7.7% in 2009."


Should be interesting to see what the stock does on Monday. US Steel stocks did ok, c.o.b on friday, so hopefully some sort of pick up here. I still think there is too much disparity between xjo and bsl. lets hope the hedge funders stop taking it out on this stock.

-->>DYOR--<<

 

[rabbit59]

Been following this stock for a while, hold it too. Trading around the 2.08 range today, and from a technical standpoint i think it's definitely building some sort of base here.

6 month charts show it trading between the 2.08-2.50 range, and i've seen valuations of it, at over 3.10. Definitely due for a pick up at least toward the 2.20 range i would think.

I havent heald this stock since i last brought it, when about this time last year, it was $1.88, when i jumped in, i have set myself a good valuation of this stock, and i indent to take an opportunity to buy back in very soon, the reply below me will be the big question for me, when will the turn begin.....??? Will it be this week i think so...

 

[rabbit59]

I havent heald this stock since i last brought it, when about this time last year, it was $1.88, when i jumped in, i have set myself a good valuation of this stock, and i indent to take an opportunity to buy back in very soon, the reply below me will be the big question for me, when will the turn begin.....??? Will it be this week i think so...

Excuse my shocking grammar and spelling errors fine people, need my laptop back

 

[laurie]

To think in 2007 this was $9.60 thats approx. 381% drop from a high in early 2007 will we see those figures again IMHO not for a long time

laurie

 

[VViCKiD]

Gees. BSL seems to have had a rough time of late. It's trading at a discount to its book value now with stronger profits expected for 2011. Anyone brave enough to guess a bottom here ?

 

[Jez]

I hope it "bottom" is now. I am badly burned at $2.80 at the moment. Let's pray for some rebound very soon!

 

[VViCKiD]

Wow.. .another down day. Down 2% !! I just want my money back now

Any one have any broker opinions on this one ?

 

[It's Snake Pliskin]

Wow.. .another down day. Down 2% !! I just want my money back now

Any one have any broker opinions on this one ?

Just curious, what was your initial exit criteria for the initial purchase / entry? I took a trade recently at 2.20ish then exited at 2.13ish as planned after it failed.

 

[VViCKiD]

I was in at 2.13 and Plan on exiting at 1.7. I was looking at medium to long term hold for this. Ie. 6 - 18 months. How about yourself ? Seems like quite a few people got burned on this as well

 

[It's Snake Pliskin]

I was in at 2.13 and Plan on exiting at 1.7. I was looking at medium to long term hold for this. Ie. 6 - 18 months. How about yourself ? Seems like quite a few people got burned on this as well

It was just a trade which could have lasted weeks or days. I wasn't looking at the fundamentals. My initial stop amount was burned.

 

[skc]

Interesting reaction to AGM.

Possible H1 loss sparked a 5% rise on the day.

These AGMs are such market movers recently.

The old support turned resistance at $2.03 might be tested in the next few days but it would take a mighty effort to clear it.

 

[Taltan]

. I still think there is too much disparity between xjo and bsl. lets hope the hedge funders stop taking it out on this stock.

-->>DYOR--<<

What's XJO? I am not sure if your refering to the Australian Stock exchange or an American steel company?

 

[VViCKiD]

Have we cleared it yet ? Does this look like a clear sign ??? BSL has been rallying quite a bit lately

 

[skc]

The biggest riser today as people seem to think the earthquake rebuild in Japan will bring better prospects for BSL.

The entire Japanese market seem to disagree.

Unless there are something else going on this has to be an over reaction.

 

[Wysiwyg]

The biggest riser today as people seem to think the earthquake rebuild in Japan will bring better prospects for BSL.

The entire Japanese market seem to disagree.

Unless there are something else going on this has to be an over reaction.

Similar pattern to BSL is One Steel which has thrown a couple of green days too. Historical sup/res around 2.30.

 

[skc]

Similar pattern to BSL is One Steel which has thrown a couple of green days too. Historical sup/res around 2.30.

I trade them as a pair all the time, but I have a fundamental bias for OST... at least they are profitable.

 

[tonics]

I trade them as a pair all the time, but I have a fundamental bias for OST... at least they are profitable.

Looking at charts over the last year on BSL and OST, both have been on the decline, however BSL seems to have bounces of 10-20% moves at times throughout the last year, while OST has just been on a continual grind downwards.
Over the last few years, since 2008, OST has always seemed the more fundamentally stronger company out of the 2, and as mentioned is at least profitable with a stronger outlook for the future, but just can't seem to shake off the decline.
Currently holding losses in both these companies, inclinations are to cut losses on BSL and move to OST as the stronger company fundamentally, but past history has shown BSL to have the greater tendency for rebounds.
Any opinions on this, or any chartists who may have some input about this?