Bitcoin – Technical Buy Setup

1/6 update:

After being short Bitcoin from $45,000 down to $30,000 we now shift our focus to the recent counter-trend trade as the price action breaks above 30590 and begins to build support on top of the old resistance.

Buy BTC @ 31700

Stop loss on a break below 30590

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James Hardie FY23 Outlook

JHX reported FY22, with NPAT increasing by 36% to US$620m. While volumes generally slowed in recent months, FY23 NPAT guidance is maintained at US$750-800m.

Based FY23 earnings we have JHX trading on a forward yield of 3.8%.

Bluescope Steel – Algo Buy

ASX:BL is under Algo Engine buy conditions. BSL provided a trading update and now expects EBIT for 2H FY22 to be $1.375-1.475bn.

The more robust outlook is driven by improved earnings expectations for North America with better-than-expected realised steel prices and spreads in the United States.

Based on FY23 earnings we have Bluescope on a 2.3% forward dividend yield.

Nvidia – Q1 Earnings

Nvidia will slow down its hiring pace and control expenses as the company deals with a challenging macroeconomic environment. Revenue for the March quarter came in at $8.29bn on EPS of $1.36.

Forecast revenue for the June quarter is expected to be $8.1 billion.

The company’s operating expenses increased 35% year-over-year. On the positive side, demand for its graphics processors used for gaming and artificial intelligence helped support sales growth of 46% year-over-year. Nvidia’s data center business, which sells chips for cloud computing companies and enterprises, grew 83% annually to $3.75 billion.

Nvidia said its board has authorized an additional $15 billion in share buybacks through the end of next year.