Good piece - China has just announced, $125 billion stimulus to...

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ray_dalio_fan

448 Posts.

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07/01/19

18:37

Post #: 37048353
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Originally posted by totoschillaci: ↑

BSL Weekly chart including today's Monday session

To see full size right click - open image in new tab

A) Two candle reversal known as a piercing pattern. After a prolonged downtrend it's a bullish reversal signal if the green candle penetrates more than 50% into the red candle of the prior week. The deeper the stronger the signal.

But this piercing pattern is weak because it only closes a few cents past the midpoint of the red candle and also the green week has almost no volume in comparison to the red so the force of the move isn't strong.

B) However now volume picks up last week to make a doji with a long lower shadow which shows the sellers pushed the price all the way down but buyers came in to finish the week green. This is a sign the selling is may be losing steam and the momentum is starting to turn.

C) In A and B, despite the bullish attributes of the price action, the last three weeks still closed below the 200 EMA (green line). Today the price gapped up past this level and easily closed above it. If Friday's close is above the 200 EMA and we get a long green candle then this will be seen by many as bullish confirmation and a good entry point to go long after an exhausted down trend.

Also note that the RSI for weeks has been grinding back and forth over that 30 level during the downtrend and has only recently emerged from the oversold zone to point up. Stochastic is also in heavily oversold territory and will likely soon mimic the RSI.

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Good piece - China has just announced, $125 billion stimulus to build 6,200km of new rail lines!

OOOO .... whats that .... they will need steel.

Watch the re-rating come from Analysts over the next 3 months.

https://www.ft.com/content/c272c1fc-0fee-11e9-a3aa-118c761d2745

BSL Price at posting: $11.88 Sentiment: Buy Disclosure: Not Held
4 Upvote

0 Great analysis

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(20min delay)
Last $20.97		Change 0.095(0.46%)		Mkt cap ! $9.019B

Open	High	Low	Value	Volume
$20.97	$21.08	$20.75	$3.367M	160.6K

Buyers (Bids)

No.	Vol.	Price($)
19	755	$20.96

Sellers (Offers)

Price($)	Vol.	No.
$20.97	230	6

View Market Depth

No.	Vol.	Price($)
3	46745	13.910
3	25239	13.900
4	53286	13.890
7	78834	13.880
3	22870	13.870

Price($)	Vol.	No.
13.920	19325	2
13.930	21012	2
13.940	42081	4
13.950	14094	2
13.960	44231	3

Last trade - 12.00pm 19/11/2024 (20 minute delay)

BSL (ASX) Chart

Good piece - China has just announced, $125 billion stimulus to...

Top Stories

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Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

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To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Buyers (Bids)

Sellers (Offers)