alundgren98

alundgren98

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...

alundgren98

Steel has crossed the 50 days MA for the first time since the start of the bull run back in august last year. That could mean a retracement to the 200 days MA at around $1500. Also, both RSI and MACD are weak relative to recent levels.