SCHN: The 5th Basic Metals Component In XME That Is Weak
Schnitzer Steel.
This is chart number 5 showing the basic metals components of-XME. The previous four charts were AKS-CLF-X-ATI.
They were all weak. This chart is for-SCHN.
Schnitzer Steel Industries is a recycler of ferrous and nonferrous scrap metal, used and salvaged vehicles and a manufacturer of finished steel products. Co. operates through three segments: the Metals Recycling Business, which buys, collects, processes, recycles, sells and brokers ferrous scrap metal and nonferrous scrap metal; the Auto Parts Business, which procures used and salvaged vehicles and sells serviceable used auto parts from these vehicles through its self-service auto parts stores; and the Steel Manufacturing Business, which operates a steel mini-mill that produces a range of finished steel products using recycled metal and other raw materials.
SCHN-is a component of-XME.
XME-has been weak for the past month.
I suspect the basic metals components in-XME (iron-copper-steel-zinc-aluminum) are weaker than the gold-and-silver miners.
For-SCHN:
The indicator on the top of the page is RSI / Stochastic , and this is weak.
The top middle indicator is vortex and it is weak (red over green).
The Top (bar-type) indicator measures the "phase energy" of the stock , and this is weak, now below zero.
The Alligator jaws have closed. This indicates loss in upward momentum and a likely change in trend.
Until these indicators reverse to the upside, this stock is a sell.
My conclusion: basic metals stocks are weak. This weakness will cause ETF-weakness in-XME.
Good luck to you. Don.
This is chart number 5 showing the basic metals components of-XME. The previous four charts were AKS-CLF-X-ATI.
They were all weak. This chart is for-SCHN.
Schnitzer Steel Industries is a recycler of ferrous and nonferrous scrap metal, used and salvaged vehicles and a manufacturer of finished steel products. Co. operates through three segments: the Metals Recycling Business, which buys, collects, processes, recycles, sells and brokers ferrous scrap metal and nonferrous scrap metal; the Auto Parts Business, which procures used and salvaged vehicles and sells serviceable used auto parts from these vehicles through its self-service auto parts stores; and the Steel Manufacturing Business, which operates a steel mini-mill that produces a range of finished steel products using recycled metal and other raw materials.
SCHN-is a component of-XME.
XME-has been weak for the past month.
I suspect the basic metals components in-XME (iron-copper-steel-zinc-aluminum) are weaker than the gold-and-silver miners.
For-SCHN:
The indicator on the top of the page is RSI / Stochastic , and this is weak.
The top middle indicator is vortex and it is weak (red over green).
The Top (bar-type) indicator measures the "phase energy" of the stock , and this is weak, now below zero.
The Alligator jaws have closed. This indicates loss in upward momentum and a likely change in trend.
Until these indicators reverse to the upside, this stock is a sell.
My conclusion: basic metals stocks are weak. This weakness will cause ETF-weakness in-XME.
Good luck to you. Don.
