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OST - OneSteel

Discussion in 'Stocks I-P' started by DTM, Jan 10, 2005.

  1. DTM

    DTM

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    Hi all

    Have bought OST options as I think its bottomed out and is starting to head up. News have affected the speed of the rise but I think that it was going to head up anyway.

    Any comments?

    :bong:
     
  2. GreatPig

    GreatPig Pigs In Space

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    Re: One Steel - On its way up?

    Looking at the chart it certainly appears to be heading up, but then compare it to the circled area of late 2003 - a very similar price move followed by a further fall.

    So who knows where it will go.

    Cheers,
    GP
     

    Attached Files:

  3. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: One Steel - On its way up?

    Yes GP, interesting move there last year, so if this falls it'll go sideways before regaining the uptrend (sp may have got ahead of the trend here), or it may join the general trend directly since the furnace problems are over now. Everyone's taken their eyes off OST and looked to Bluescope instead. OST just closed that recent down gap fast so it may take a breather in a bit and consolidate again, let's see...
     
  4. silent knight

    silent knight

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    Re: One Steel - On its way up?

    GP you've made a very interesting point. :) On your chart, however, note that the rise previously that you circled was on small volume.The rise in OST over the last three days has been on increasing volume. As I hold OST I'll be watching the volume after reading your post.
     
  5. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: One Steel - On its way up?

    Volume will have to increase significantly imo for this to be a convincing run but I do think the current run is to continue, it may pause at minor resistance along the way, the short term trend is still strong, I hold OST btw. Nothing to get excited about till it rejoins the long term trend (level prior to furnace problemes). Once they announce an increase in prices sometime this year there will be another rise, also div due before long and resources are in favour with the market as a lot of other sectors are approaching full value. Let's see what this week brings for OST's technicals.
     
  6. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: One Steel - On its way up?

    Nice run so far, hitting resistance around 2.85, doji yesterday but nice volume. I expect a brief retreat and than the gap will be taken out. 10c at a time in my opinion and then we'll see what the market really thinks at $3.10.
    Also note that OST and a few other Aussie co's are tendering for work after the Tsunami, it's been in the news. We've given $1b dollars and a lot of that will be claimed by Aussie co's. We're like the yanks in Iraq (except we didn't cause the chaos and we aren't into starting wars to make money), we give aid money but our local co's gobble it up so it returns to Australia in someway. Might be an unexpected positive for the stockmarket this year.
     
  7. rozella

    rozella rozella

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    Re: One Steel - On its way up?

    Profit report is expected early February......its on my buy list for today ??

    rozella
     
  8. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: One Steel - On its way up?

    This is not a tip but I am waiting to see if todays candle confirms a reversal in trend (short term imo). So it may go a bit lower, I was a bit surprised at the steep rise last week but it was closing gaps so it's understandable. Once it breaks 2.85 it'll jump quick. As for the profit report it looks like the market marked it down too much (went to 2.38 or so), maybe OST can surprise and if there are price increases included then it'll certainly help.
     
  9. DTM

    DTM

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    Re: One Steel - On its way up?

    I got out yesterday at 2.83 although in hindsight it may have been too early.

    :(
     
  10. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: One Steel - On its way up?

    Hi DTM,
    You said earlier that you bought options- do you mean you sold the options when OST hit 2.83? Were they ETOs? I think there may be a bit more of a pullback so you may be able to get in again. It's the next gap up that'll see this one fly quick imo.
     
  11. DTM

    DTM

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    Re: One Steel - On its way up?

    Hi Rich

    They were January 1.75 call options bought when it was $1.71 Monday last week and sold with 40% profit. I could have sold at 50% profit but decided not to hang around as XAO was turning around at that point.

    I will look for the retracement and hopefully re-enter at a good price.

    Thanks for the tip ;)
     
  12. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: One Steel - On its way up?

    Looks like OST has managed to stay above 2.70 but can't seem to close that gap yet, still clawing it's way to the next level at 2.90. chart looks like the tough side of a mountain climb, very jagged, lots more work to be done by OST to rejoin the longterm trend. Current short term uptrend still holding. But it could retrace to below 2.70. My opinion is that with reporting season on us, with strong demand still continuing and with a bouyant resources market OST should be ok. Let's see what they announce- that'll have a big impact, especially the product price rises.
     
  13. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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  14. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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  15. sam21poddy

    sam21poddy

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    Re: One Steel - On its way up?

    My dial up connection is too slow to download the report. Could someone tell me what the dividend is and when it goes ex-dividend. I bought in months ago when it was $3.15 and am still holding. Thanks.
     
  16. RodC

    RodC

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    Re: One Steel - On its way up?

    6 cents fully franked to be paid 21st April.

    The record date is March 18.

    Rod.
     
  17. rozella

    rozella rozella

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    Re: One Steel - On its way up?

    The 14th March is a non-settlement day, so exdiv is on 11th March.

    rozella
     
  18. sam21poddy

    sam21poddy

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    Re: One Steel - On its way up?

    Thanks for the info. With only a 6c dividend I can't see it running up enough for me to recover my costs but 6c is better than nothing.
     
  19. emily

    emily

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    Re: One Steel - On its way up?

    I think this ones going for $3, the continuously demand of steel by china makes OST still strong. i would hold this one

    emily
     
  20. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: One Steel - On its way up?

    OST also has its own iron ore operations so it wont be affected as much by iron ore price hikes, gives it a competetive advantage. OST is also considering a raw materials surcharge in line with other steel co's (eg BSL). Now that the profit annct is out of the way I can't see why this wont start motoring towards $3. The furnace is supposed to be stable and no further problems are expected.
    Only bad news is that ramp up of Magnetite operation has been put off for 12 month to next year due to increasing costs.
     
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