Good Week for Steel?

Le’ts talk steel.

What stands out most to me is how boring this sector is – no established direction (some trying to trend up), no volume shifts, and no life.  Sometimes this is good if we consolidate down to a very narrow trading range – a long or short breakout is often right around the corner.  A few of the leaders in this instrudy are experiencing such a consolidation.

AKS – very narrow bollinger bands with sideways movement – market can’t decide what to do with this stock, which means a move is likely soon (direct is the unknown).

X – same story as AKS. .. chart looks a little weaker.

NUE – strong ceiling at $47.5

GNA – consolidating – resistance at $7

STLD – channel trading with top around $14.

Tags: AKS, GNA, NUE, STLD, X

TEX – Nice Chart and Obama Support

Does this infastructure play have a big run in it?  Possibly so.  Friday moved TEX through EMA(50)… minor  resistance at $20.. Might be worth playing as it bounces steadily off of EMA(20) support.

“Terex Corporation manufactures capital equipment for construction, infrastructure, quarrying, mining, shipping, transportation, refining, and utility industries worldwide.”

Tags: TEX