USCR ConcreteUSCR looked down and out March 2020. Now with stimulus and infrastructure flooding the market USCR is on a tear. It seems so trade really orderly. No position but 2nd half of 2021 sell-off might give us a chance to get in between .618 fib and .786 again. Not sure where it goes now.
*not trading advice
USCR
Infrastructure Bill helping SteelTechnical Analysis
We are breaking out to a 52-week high, with heavy volume (100%+ stronger volume intraday vs its 10-day average volume)
First measured move target is at $32, which is coincidental with a Fibonnaci 61.8% level.
OBV is supportive of the overall uptrend.
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Take a look at USCR (US Concrete) which is rallying in my opinion based on the same infrastructure scenario.
If you would like a chart analysis on this symbol, please let me know.
Deconstructing Materials Stocks (an over-reaction to March data)The deconstruction continues in material stocks. The culprit this time around was a poor reading and interpretation of construction spending. I think it was a big over-reaction given the overall trends.
Deconstructing Materials Stocks. drduru.com $USCR $AYI $XLB
USCR: Buy the last leg of an extended 5th wave, then flip shortUSCR has decent upside left in its 5th subwave of an extended ending diagonal pattern before it is due for a sharp trend reversal.
