DJ MARKET TALK: Bluescope Up 6.7% After US Peer Recovery
0154 GMT [Dow Jones] Bluescope Steel (BSL.AU) up 6.7% at A$3.35, hits eight-month high of A$3.37, tentatively breaking resistance from January peak at A$3.35. Follows strong recovery in U.S. peers, with Arcelor Mittal up 4.6% and U.S. Steel up 3.0% after steep declines Wednesday on disappointing results from Arcelor. Bluescope is trending up strongly off extremely depressed levels. Gains accelerated after company recently signaled Number 5 Blast Furnace restart. Hard to see a sustained break above A$3.35 before tonight's U.S. GDP data, with stock up 39% in 3 weeks. But close today above A$3.35 could trigger further rise toward Nov 2008 high of A$4.16, according to Dow Jones Newswires technical analysis. Support now at A$2.98. (DWR)
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(END) Dow Jones Newswires
July 30, 2009 21:54 ET (01:54 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
BSL Price at posting:
$3.35 Sentiment: LT Buy Disclosure: Held
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