Steel Bouncing at the 50 days MA
Steel finding strong support at the 50 days MA on the weekly graph, it should created pressure upwards. However, looking at the daily graph, steel is fighting for a breakthrough. Consistent downward pressure being exerted by the 200 days MA. At this point I am neutral, but with a tendency to believe it will go up once automotive demand starts to hit around Q2 2022. Cleveland Cliffs raised prices on CRS and SS, it is just a matter of time for them to hit HR. As said before, I am looking for a breakthrough upwards in the medium term.
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