Member @murphydoc inquired within the trading room if AKS (AK Steel Holding Corp) & the steel sector might have bottomed along with AKS's earnings induced rally today. My opinion on the next major trend in the steel sector isn't as strong as it was back in January when the I was calling for a top & correction in the steel sector in this post/video along with reiterating that call, even forecasting one last thrust to new highs before the top would be in this follow-up post back in early February. That SLX chart/scenario from February 9th is followed by the updated [...]
Member @teeps01 inquired about AKS (AK Steel) within the trading room. AKS, along with the other steel stocks are bouncing today, largely if not exclusively due to the fact that SLX (Steel ETF) is bouncing after the first tag of the primary uptrend line in months. The first tag of support in while is usually followed by a reaction. Hard to say how far this bounce goes but with the divergent high put in back in early Jan plus the fact that any new high in the coming weeks will almost certainly be another divergent high, I highly favor a breakdown [...]
It appears that the steel sector & various individual steel stocks are setting up as potentially lucrative & objective swing trading opportunities. The following video begins with an overview of the steel sector followed by coverage of the following steel stocks: MT, STLD, GGB, X, AKS, WOR, FRD, GSIH & SLX (Steel ETF).