Disclaimer: 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)...
New story emerging after 2009 - something really strong ..keep an eye.
If stock gives close above 2009 on monthly closes basis - significant upside potential.
On the weekly the MACD is sloping upwards with the Stoch doing the same thing, also the price is consolidating just under the 50 ema with the 13 ema rising below it. On the Daily, the chart shows that the stock might have a breakout with the confirmation on the stoch as a bullish move for a breakout. Looking for buys above $13.18.
Yesterday 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...
BSL looks like it may have a possible break out.
If it does, and Trump is a good boy I think these are the next price targets it will go after.
Target 1 - 13.05
Target 2 - 13.66
Target 3 - 14.51
