BLUESCOPE STEEL LIMITED - ASX: BSL

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ASX investor profile picture
ShareShack user name hidden until logged in September 13
Ominous times appear to be on the books for Bluescope Steel (BSL) based on recent share price action around the support level of $16.80, which has now been failed for three consecutive days, with the last two days forming topping tails on the candlesticks. With declining moving averages, declining relative strength and an increasing ADX (with negative tendency), it appears most likely that BSL will head to the downside to test the first support level of $14.50 and, failing that, the next support level of $13.50.

Taking a bit of an aggressive stance on this one, with the price action still bouncing lower off the 30 day moving average and just sinking beneath the 30 week moving average this week. Short position opened yesterday (12-Sep-2018) at $16.44/share. Observing what this does at the $17.00 level (high of yesterday), which was basically nothing with respect to buying action earlier today, further supporting the notion of bearishness at that resistance level prior to the share price sinking back towards the closing price of $16.50/share.
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ShareShack user name hidden until logged in August 17
Here's the list of volume spike trades of interest in today's scan (for trading day ending 16-Aug-2018):

AC8, AJQ, BBN, BRG, BSL, BSX, CAY, COI, DLX, DMP, EDE, FDM, IFM, ILU, IMD, IVC, JBH, KLL, KSL, LCK, MGE, NGI, NST, ORG, PGH, PME, PNV, QBE, RXP, SBM, SPL, SSM, VAH

Personal disclosure - No direct positions thus far in these companies.
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