I really like this stock, and i think we could easily see a 20% rally in the coming weeks.
I already bought it some time ago at 22.35 and my emergency stop is currently slightly below 20, i will probably close the position if we break the 22.00 level and dont show signs of a strong reversal.
In my eyes 22.00 is a key level if we break it and stay below it, there is a chance that we are having a top here and an extended downmove is coming.
But looking at the fundamentals regarding this company and the general steel sector i am seeing more chance for a rise towards the 26.40 level to test the 2015 high in the coming weeks.
In my opinion there are 2 options to play the long side on this stock.
1st. buy dips around 22.30 and look for a move towards 26.30, and closing it if it falls below the multiyear trendline and stays below it.
2nd. more conservative option to wait for a false breakout lower toward 21.50 catch it there in hope for a strong reversal, gunning for the next leg higher towards 26.50. And closing it if it does not show any signs of reversing higher.
In both cases its a nice stock to have in the portfolio
Blessings to you all.
I already bought it some time ago at 22.35 and my emergency stop is currently slightly below 20, i will probably close the position if we break the 22.00 level and dont show signs of a strong reversal.
In my eyes 22.00 is a key level if we break it and stay below it, there is a chance that we are having a top here and an extended downmove is coming.
But looking at the fundamentals regarding this company and the general steel sector i am seeing more chance for a rise towards the 26.40 level to test the 2015 high in the coming weeks.
In my opinion there are 2 options to play the long side on this stock.
1st. buy dips around 22.30 and look for a move towards 26.30, and closing it if it falls below the multiyear trendline and stays below it.
2nd. more conservative option to wait for a false breakout lower toward 21.50 catch it there in hope for a strong reversal, gunning for the next leg higher towards 26.50. And closing it if it does not show any signs of reversing higher.
In both cases its a nice stock to have in the portfolio
Blessings to you all.
Comment:
Nice! Already 10% in profit, didnt expect it to go this fast.
