ZEUS (Olympic Steel Inc) offers an objective short entry here on today’s breakdown & snap-back to retest the rising wedge pattern from below. The ideal entry range is between 28.40 and 27.30 while the current price is 27.96. Suggested stop over 29 if only targeting T1 or over 30 if targeting T2 (or using a 3:1 or better R/R based on your entry price).
ZEUS daily July 20th
ZEUS is one of several steel stocks that are on my watchlist as potential short trade candidates along with the somewhat related/correlated precious metals sector. With additional trade ideas via GDX/NUGT as well as individual steel companies likely to be added soon, take that into consideration if shorting ZEUS in order to allow room for additional exposure the to metals & mining sector. Also note that ZEUS is scheduled to report earnings before the market opens on August 2nd.