Nucor came out yesterday with earnings which street didn't
like. Took the whole sector down. Steel Dymanics
(STLD) reports earnings Tuesday so might be a scalp play into
earnings.
It hit and held 200 day Daily EMA support near 30.35 area
yesterday.
It's up over $32 today and still moving. I picked some up
below $32.
Three foreign steel companies, MTL of Russia, and GGB and SID of
Brazil can be bought on the cheap too, and all seem
poised to rebound looking at their MACD and other
indicators.
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Steel Sector
Posted by cspirit on 18th of Jul 2008 at 10:44 am
Nucor came out yesterday with earnings which street didn't like. Took the whole sector down. Steel Dymanics (STLD) reports earnings Tuesday so might be a scalp play into earnings.
It hit and held 200 day Daily EMA support near 30.35 area yesterday.
It's up over $32 today and still moving. I picked some up below $32.
Good Luck
Chris
Steel
Posted by bob52 on 18th of Jul 2008 at 11:49 am
Three foreign steel companies, MTL of Russia, and GGB and SID of Brazil can be bought on the cheap too, and all seem poised to rebound looking at their MACD and other indicators.