HMMM.. I’m Ready for a Good Meal
Some nice setups to close the week? (I accidentally cut out the volumes in the charts)
Steel Dynamics (STLD)
A nice little pattern formed and the stock is currently sitting right on the support. With a bounce, I don’t see why we couldn’t see a 2-3 point raise.
Nucor (NUE)
Well this stock definitely isn’t new to me, but with another nice bounce we could also see a 2-3 point bounce. During the past month, STLD and NUE have seemingly moved exactly the same as each other, so why not try and profit off both?
I don’t want to make you guys too much money, so I will stop there. Maybe I am a little bullish going into tomorrow, but oh well. I am not going to really be chasing anything, but if something opens up I will slide in.
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What about Acelor Mittal (MT)? Stock seems to be on fire and I have wondered if a bullish trade may be worth pursuing. Although IV is very high – about 45%.
I am always weary about getting in stocks after already such a huge gain. In the past couple of days or so, it looks like the stock is starting to consolidate, and when you throw in the fact that it is approaching its current 52-week test, it all looks a little bit unsure for me.
MT has hit its current resistance of $81 twice now, and, if it falls past the support, it could drop substantially.
I would wait it out to see what happens. If it breaks resistance, then see what it does around its 52-week high. If it breaks supports, then I would look at entry points to buy the stock.