Looking at the short side. Any fundamental analyst's?
WOR is America's largest independent processor of flat-rolled steel. The company takes steel from steel producers and processes it for customers in a variety of industries including automotive, lawn and garden, construction, hardware, office furniture, electrical control, leisure and recreation, appliance, agriculture and HVAC. Im not a fundamentalist so im unsure of why there business may be set to struggle but im looking at the short side from a tech analyst side only. If anyone can add a fundamental theory please post.
There's a case for a double top. Quite often you see the small bounce off the neckline before a break.
I like how price has failed or is beaten away from attempts of pushing through 50ma which is also under the 50% fib retracement of the C to D leg.
From point D to the recent lower high I have drawn a projected 161.8 move which is shown as the trade. stop at around 39.8 offers good risk reward and if price was to move up to that point the chart would start to look bullish.
I always like to look at the other side of the trade also. looking from a bullish scenario a move above the 50ma would project to be between 42.5 and 45.
There's a case for a double top. Quite often you see the small bounce off the neckline before a break.
I like how price has failed or is beaten away from attempts of pushing through 50ma which is also under the 50% fib retracement of the C to D leg.
From point D to the recent lower high I have drawn a projected 161.8 move which is shown as the trade. stop at around 39.8 offers good risk reward and if price was to move up to that point the chart would start to look bullish.
I always like to look at the other side of the trade also. looking from a bullish scenario a move above the 50ma would project to be between 42.5 and 45.