Friday, March 02, 2007

Chart: STLD

Steel has been one of my favorite sectors over the past few months, with STLD being the trade of choice. Notice that the 50 day MA and the gap level converge at the same point. It will be interesting to see if the stock can hold above this level ($35.75-36). If the bulls can't hold the line, I can see the stock dropping down to $33.

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