BlueScope Steel Limited Stock Forecast
Evaluation of BlueScope Steel Limited stock downgraded after the last trading session.
(Updated on Apr 24, 2024)
The BlueScope Steel Limited stock price fell by -1.09% on the last day (Wednesday, 24th Apr 2024) from $23.01 to $22.76. During the last trading day the stock fluctuated 2.75% from a day low at $22.19 to a day high of $22.80. The price has fallen in 8 of the last 10 days and is down by -5.68% for this period. Volume has increased on the last day by 981 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $39.92 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 3.12% during the next 3 months and, with a 90% probability hold a price between $22.42 and $25.01 at the end of this 3-month period.
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BSL.AX Signals & Forecast
There are few to no technical positive signals at the moment. The BlueScope Steel Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $23.12 and $22.94. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -5.68%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for BlueScope Steel Limited stock
BlueScope Steel Limited finds support from accumulated volume at $22.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.610 between high and low, or 2.75%. For the last week the stock has had daily average volatility of 2.72%.
Our recommended stop-loss: $21.76 (-4.42%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (BSL.AX) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect BlueScope Steel Limited to open at $22.58, and during the day (based on 14 day Average True Range), to move between $22.19 and $23.33, which gives a possible trading interval of +/-$0.573 (+/-2.52%) up or down from last closing price. If BlueScope Steel Limited takes out the full calculated possible swing range there will be an estimated 5.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $22.84 (0.35%) than the support at $22.50 (1.14%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is BlueScope Steel Limited stock A Buy?
BlueScope Steel Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.291 Hold/Accumulate Downgraded
Predicted Opening Price for BlueScope Steel Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $22.58 ( 0.776%) | $22.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BSL.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 23.19 | 1.90 % | |
| R2 | 22.96 | 0.88 % | ||
| R1 | 22.82 | 0.248 % | ||
| Current price: | 22.76 | |||
| Support | S1 | 22.35 | -1.80 % | |
| S2 | 22.21 | -2.43 % | ||
| S3 | 21.97 | -3.46 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 23.50 | 3.25 % | |
| R2 | 22.85 | 0.395 % | ||
| R1 | 22.84 | 0.351 % | ||
| Current price | 22.76 | |||
| Support | S1 | 22.50 | -1.14% | |
| S2 | 22.33 | -1.89% | ||
| S3 | 22.16 | -2.64% |
BSL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 23, 2024 | Feb 23, 2024 | Mar 26, 2024 | $0.250 | 1.09% |
| 2 | Feb 24, 2023 | Feb 24, 2023 | Feb 24, 2023 | $0.250 | 1.35% |
| 3 | Sep 06, 2022 | Sep 06, 2022 | Sep 06, 2022 | $0.250 | 1.56% |
| 4 | Feb 25, 2022 | Feb 25, 2022 | Feb 25, 2022 | $0.250 | 1.31% |
| 5 | Sep 07, 2021 | Sep 07, 2021 | Sep 07, 2021 | $0.190 | 0.82% |
FAQ
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