Steel Dynamics ( NASDAQ:STLD ) reports current quarter guidance that was above estimates as it sees profitability potentially stronger than the previous quarter. The steelmaker said the gains were driven by its flat-rolled steel operations.
Steel Dynamics added that because of its confidence in the business, the company repurchased 1.4% of its stock so far in the...
Current Price: 105.5
Entry: 104.28
Profit level: 115.2(10.46%)
S/L: 101.95 (2.24%)
Risk & Reward Ratio: 4.66
Bullish Signal
Symmetrical triangle pattern is forming
Price> EMA 5, 18, 20, 150, 200
Short-term EMAs are crossing the long-term EMAs
MACD curves almost cross and start turning upward
Relatively low ATR
RIS is at around 50 to 55, between 70 to 30.
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 102/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : A
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
Broke down out of the channel today but buyers are showing up. I like July calls here assuming this is a false breakdown. Stop below today's low. First target is $104. Going much lower if this breakdown is real.
The PEAD projected a Bullish outlook for $STLD after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 61.54%.
Notes:
* Very strong up trend on all time frames
* Great earnings track record
* Basing for the past ~5 months
* Was rejected around the ~85.3 area and pulled back to its 20 day EMA
* Now it's broken above that resistance level with high volume
* Printed a pocket pivot indicating institutional demand
* Seems to have also formed an inverse head and shoulders...
Based on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on May 27, 2022 with a closing price of...
The PEAD projected a Bullish outlook for $STLD after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
Based on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on March 25, 2022 with a closing price of...
$STLD breaking yesterdays low potentially stopping many eager steel traders.
It is now potentially putting in its final contraction (3T) and making this setup even more appealing.
