dorfmanmaster

Undervalued Steel Breakout

dorfmanmaster Updated   
AMEX:SLX   VanEck Steel ETF
Technical Analysis
We have a breakout on strong intraday volume (200% above 10-day average).

RSI @67 - still not overbought.
OBV has been supportive.

Because we are in a longer down-trend, we will see multiple resistance; which will very helpful to set your limits.
Risk reward ratio is great, using $32.3 as stop-limit loss, and $39 as a sell-exit.

Be careful of a fake break-out, as this is only the 1st day.


Fundamental Analysis
One of the infrastructure plays with expected fiscal stimulus, could be steel.

As price is king, it tells a more accurate story of what market makers think of the upcoming events.
Comment:
made a failed breakout to re-test the 50sma.
Breakout level was made again; since then its increased 17%
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