BlueScope Steel is a flat steel producer for the domestic Australian, NZ and US markets. It is a leading international supplier of steel products and solutions.
“Although there are several risks to earnings in financial year 2023/24 due to question marks over demand, the current valuation still appears attractive,” Michael said.
“In terms of how it is trading on the chart, it looks like the share price should continue to climb from here.
“During the past several months, there had been strong resistance near $17.50 (horizontal blue line).
“BSL finally broke higher at the start of December, triggering a buy signal.
“It is currently easing back to “re-test” this breakout.
“With a tight stop under $17.50, current levels remain a buying opportunity.
“The next line of resistance from here is near $19,” Michael said.
BlueScope Steel (BSL)
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