For what it is worth I posted here a couple of weeks ago that support looked to break. From memory my reasoning was distribution indicators sent the warning bell. I did also mention though; contrary to my thoughts a lot of brokers have a buy on it, this can be checked out here
http://www.investsmart.com.au/shares/asx/Bluescope-Steel-BSL.asp free to join and view.
I would be asking this, what does BSL do? provide steel for building from what I understand. My view on building is a slow down, I do not think Australia will keep chugging along as most would think.
LVR's on home loans are tightening up which cuts a lot of buyers out the market. The First Home Buyers Grant has reduced which adds to the LVR reduction. I also believe that house prices are way over the top and at some point things will slow down.
Yes I think the recovery is a lot of hot air supported only by the stimulous packages and soon reality will kick in, especially once Kevins pockets are empty.
On the other hand BSL has been around for a long time and classed as a Blue Chip, maye 10yrs time I may have a different view
But hey that is only my view there are many contrary to this.
BSL Price at posting:
$2.28 Sentiment: LT Sell Disclosure: Not Held
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