Sooooooo good to see you back and posting again @Onepoint272 ... and I really do mean this in the most genuine way possible. Not sure if you caught my post over on your Wyckoff thread in our trade journals section but I had posted a little something in there for ya last night as did a few others. Hope you're feeling a lot better! I have admit I was starting to get a little worried here as I wasn't really sure the extent of your situation as were the rest of us. It was really quite shocking for me personally when I first read your post on the weekly poll the other week. Been thinking about you pretty much all last week/this week since then. Seeing your post here tonight really quells a lot of the fears/worries I was feeling. Hope all is well. Welcome back buddy!
Got a little help from Trump on this one, currently up about 7%. Steel companies on the move since yesterday afternoon when Trump said he was considering steel quotas/tariffs. Trump says he is considering quotas, tariffs on Chinese steel dumping Source: http://www.reuters.com/article/us-france-usa-russia-idUSKBN19Y2L4?il=0
Good call @T0rm3nted. Last Fryday it came down to retest the low with a comparatively huge increase in volume but Wednesday of this week it tested again on small volume (no more sellers), and again on Thursday and Friday it showed no supply. If they can't take it down they will need to take it back up to find supply and supply should not come in until it tests the high of last Fryday's selling bar at 5.95 (actually last Thursday's close at 5.98). I think it is a good low risk edge here. We need it to get up and out of the danger area now. Then the $5.98 to $6.03 area will take some effort to get through. But even if it gets stopped there, $6 is over a 10% gain. Daily:
Bot 500 more @ 5.48. Average is 5.45. Today's close position could have been better, but it did show some ability to rally and it was 5.51.
for info http://marketrealist.com/2017/08/how-u-s-steels-2q17-performance-stacks-up-against-its-peers/ as you are holding I won't comment here but my thoughts are +/- like Onepoint.... see where it open today near 5.54 or under 5.41
I dumped yesterday at $5.41 as I was not liking the way the market was turning, never got around to posting though. Will be looking for a re-entry possibly
I'm giving it a little more room. On the weekly $5 took some doing to break above and stick, so it should take some doing to break below too. Weekly as of Monday's close:
I still like it and think there's good support at $5, just wasn't liking the way the market was heading and was trying to avoid the high volatility over all the Korea nonsense for the most part. May end up getting back in tomorrow. I thought the risk was much higher than the reward in the short term so I took my miniscule profit at the time. Still think you're right though and hope the support holds.
Holding is paying off so far. Average cost is $5.45, so 4.4% above water. The tests lower have been on decreasing volume and it has found higher support each time. $6 presents some significant resistance; the first attempt may not break thru and it might need to springboard.
Price is working on that $6 resistance area. $5.98 is where supply last came into the market and $6.03 is where large demand came into the market. So $6 is obviously an area of resistance; where various market participants are/will sell. The short-term traders who went long 2 to 3 weeks ago may be eager to take profits. Traders who went long in the $6 area weeks ago may liquidate to break even; they've had enough. Short sellers may see a possible top. This then represents an opportunity for the composite man (CM), the smart/big money, to stealthily absorb shares from the various sellers. So is he doing that and will the price therefore eventually break out? Some clues to absorption that have or may take place include: The rising supports. Volume increasing around the top of the absorption area. Lack of downward follow-thru after a threatening price bar. Price presses against the resistance line in the right-hand side of absorption area without giving ground. Absorption phase may be resolved by a spring. Minor upthrusts during absorption fail to produce a breakdown. It may still be a little early but other than item 5, which may still occur, I believe there is evidence of absorption here. Currently up 9.7% but I believe I'll hold since a breakout appears to have a good probability. Daily chart:
Sold last week at 5.65 for a gain of a couple hundred doll hairs and now looking for re-entry. Perhaps at $5.23. Daily chart as of about 10am central:
Just a guess, but can't you see this going up very slowly over the next two quarters. Nothing flashy. Nice entry point.
Messages from the grave. Definite HODL! Decent pop today. Didn't even see the trendline that was broken until today:
