CMC - Infrastructure Bill Fueled Breakout - Industrial Steel
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 the administration keeps its promises about using domestic materials and labor.Basing Formation: Cup - depth ~22% - duration ~ 14 weeks
Pivot Point: $36
Target: $40
Stop Loss: $32.5
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