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BLUESCOPE STEEL LIMITEDBLUESCOPE STEEL LIMITEDBLUESCOPE STEEL LIMITED

BLUESCOPE STEEL LIMITED

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BSL trade ideas

ASX Ideas - BSL Long Idea, Elliot WaveDisclaimer: I am a new trader, practicing Elliot Wave Theory on the ASX. I aim to publish these ideas for my own journalling, as well as to accept feedback from the community in order to help me learn. This is my analysis for BSL - Bluescope Steel Ltd. The ABC corrective wave seems to be over, so we can look forward to the 5-wave impulse move. Retracements (2) and (4) are likely to reach the 0.618 fib levels, while our target (5) is at the 0.618 fib extension of (1) to (3) and also the resistance level from previous highs. This is a swing trade that could take between 1-3 months to play out. Any thoughts and feedback are welcome!
ASX:BSLLong
by Amjoinery
4
Short BSLYesterday BSL release its full year earning report and it was disappointing results, hence the share drop 8%. I was keeping an eye on it and what i like about it on a technical point view was on the daily, before its gap down. The price was just below 13 and 50 ema with the stoch confirming my bearish point of view, also on the weekly both 13 and 50 ema are above the price as well confirming with a slope down on the MACD. I enter on 5 min chart just below the bearish shooting rejection of the 13 ema and enter just below $11.31, still watching this stock but it might bounce back today just due to macro point of view. Planing to hold this stock for 3 to 4 days.
ASX:BSLShort
by MustafaOzak23