Bluescope Steel (BSL.AX)
Trading: SELL @ $13.05
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.
Bluescope Steel (ASX:BSL) buyers are becoming less eager.There has been 4 consecutive days of range decrease for BSL reducing strength to an uptrend in the first timeframe. The biggest price range this month has been $1.8250 & the greatest daily price range this year has been $6.2100. The price range ratio this week versus the quarterly price range is 0.5x & the price range ratio this month versus the year to date price range is 0.3x.
The range of the bar gives important information about the strength of weakness of a trend. If buyers are very committed they will be keen to buy and will tend to bid the price up even in the face of some selling pressure. Price will quickly & easily move upward and the move will tend to be significant. As such expanding ranges indicate the either buyers or sellers becoming more committed. Alternatively once the range begins to contract the side in control are losing commitment.
Calculation: Range Today Versus Range Yesterday (RTRY):
1) Expanding ranges on the upside indicates that buyers are increasingly eager;
2) Expanding ranges on the downside indicates that sellers are increasingly eager;
3) Contracting ranges on the upside indicates that buyers are becoming less eager;
4) Contracting ranges on the downside indicates that sellers are becoming less eager;
PROFILE: Bluescope Steel (BSL.AX)
Stock Exchange: ASX
Company: Bluescope Steel
Ticker Codes: | BSL.AX | ASX:BSL |
BlueScope Steel Limited manufactures and sells metal coated and painted steel building products in Australia, Asia, North America, New Zealand, and internationally. The company operates in five segments: Australian Steel Products; North Star BlueScope Steel; BlueScope Buildings; Building Products ASEAN, North America and India; and New Zealand & Pacific Steel. It provides steel slabs, plates, hot and cold rolled coils, coated and painted strip products, roof and wall claddings, purlins and house framings, and engineered building solutions. The company offers steel products under the LYSAGHT, COLORBOND, COLORSTEEL, ZINCALUME, GALVABOND, GALVASPAN, BlueScope Zacs, PrimaMaju, SuperDyma, and TRUZINC brands; and engineered building solutions under the Butler, Varco Pruden, EcoBuild and PROBUILD brands. It serves the residential and non-residential building and construction, manufacturing, automotive and transport, agricultural, and mining industries. The company was formerly known as BHP Steel Limited and changed its name to BlueScope Steel Limited in November 2003. BlueScope Steel Limited was founded in 1885 and is headquartered in Melbourne, Australia.
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