The miners struggled on Tuesday with RIO the worst of the large iron ore names falling over 3.25% while BlueScope Steel (BSL) went one step further tumbling over 3.5% to test the psychological $20 area. Like other stocks exposed to the bulk commodity BSL looks like it’s got further to fall but as an aggressive play we like it under $19 targeting an initial bounce of 15%.
MM likes BSL below $19
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