Once again we see the same repeatable pattern play out over and over and over again as per my BKC (Bare-Knuckle Charting) method.
First, you get the warning when it Cracks, has one more up (not always) into an M pattern, and then the entire structure collapses.
These are the type of high-probability success you want in your investment career. Unbiased,...
Quantitative Analysis
Stock is forecasted to have sequentially negative earnings growth momentum for fiscal 2023 and 2024 (below sector average).
Stock P/E on a discount to sector.
KPI
Market volatility in Europe is a headwind. Higher scrap margins on steel products add to the concerns. Global steel-making capacity exceeds demand for steel...
Earnings coming up. Only one bad earnings in 5 yrs. Currently setup for uptrend springing off emas and vwap. This is a commercial metals company, usually a safe bet.
The uptrend for Commercial Metals Company is still valid, but the re-test of the major support level is inevitable. The next price target is $ 41
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Maybe I'm missing something but a company tanking 23% over the course of less than a month with the financials they are boasting from Q1, and being in a generally stable sector seems a bit odd. If this is a correction from the growth it's experienced since October it sure is sudden and extreme.
I sometimes let my pendulum choose a stock from pages of MANY tickers. I request an A+ trade that's easy.
CMC was the pick (strangely along with CMG), and the dowsing reading I get is it starts a move down from here to a target in the $42 area. I didn't ask how long this takes. Options are monthly, so I would think by the Dec. expiration it'll hit. It's already...
CMC gapped down below the 50/200 MA on Wed and failed to reclaim it yesterday. Playing this as a short with nearest term support at either $32.97 or $31.47
Why am i interested?
Change in color of bar to Blue.
There was a sell before.
False bar on top. (False)
CCI is green.
Oscillator 5.35 is bullish.
ATR is 1.39 Bar height is 1.4
so .75*ATR = 1 and 2*ATR = 2.7
Now Bar height (1.4) is between 1 and 2.7
So a buy @38.2 for 39.5 and 41.5 as target.
Only one problem. No False Bar.
$CMC in the steel industry. Not as clean of a base but this been moving sideways to slight tilt upwards since June of last year. What is catching my eye is the good looking volume pattern which making up for the base structure. Worth keeping an eye on early this week.
* Great earnings
* Strong up trend in the long term
* High 3-month relative strength of 1.08 in the Basic Materials sector
* Pays out dividends
* Breaking out of a ~7 month base with higher than average volume
* Broke out earlier but due to current market conditions it did have a slight pull back and now is breaking out once again.
* It did, in the recent months,...
NYSE:CMC - this company is in the correct sector to directly benefit from the infrastructure bill. It is forming a Cup basing formation. If the market reacts positively to the news of the Infrastructure Bill getting signed, the vertically integrated steel producer stands to benefit from all of the national construction products that will ensue, especially if...
$CMC Commercial Metals Company - Bearish Unusual Options Activity
$1M Bearish Short Call - 7,500 May $30.00 calls sold today (53x open interest)
14 month uptrend line broke down earlier this week. 9d ema line held as resistance today.
Near term target: $26-$27 range by end of April
Note: This is NOT investment advice. Educational only.
$CMC posted weaker than ecpected earnings but still the PEAD maintained a bullish projection for the stock, Currently the price is trading below the median line.
