Entering text into the input field will update the search result below

Steel Stocks Are Positive, But How Much Upside Is Left?

Jul. 23, 2013 11:50 AM ETX
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Seeking Alpha Analyst Since 2009

InTheMoneyStocks.com was established in 2007 with the goal of helping average investors compete and beat the Wall Street elite. Founders, Gareth Soloway and Nicholas Santiago spent years (prior to launch) developing the PPT Methodology, a simple way to analyze charts (stocks, commodities, forex, crypto… ect), finding the next directional move with a proven 82% success rate (94% for day trading). With tens-of-thousands of members since their launch in 2007, and many hedge fund clients, InTheMoneyStocks.com is now a household name with investors and traders all over the world. InTheMoneyStocks is one of the oldest proprietary trade alert firms on the internet, which shows the long lasting positive and profitable impact on the lives of our members. We pride ourselves on being transparent, open and honest, not only giving our live trades to our members, but teaching them how to analyze charts and learn how to find the next market cycle via the PPT Methodology.

Today, most of the leading steel stocks are trading higher at the start of the trading session. Last night, the remarks from the Chinese Premier Li Keqiang mentioning that China's bottom line for economic growth is 7.0 percent is certainly helping the steel sector today. Recently, comments from China have been having a very short term effect on the industrial metal stocks. This tells us that the upside in the steel names could be very limited in the near term.

Some of the leading steel stocks that are trading higher today include United States Steel Corporation (NYSE:X), Steel Dynamics, Inc. (NASDAQ:STLD), Nucor Corporation (NYSE:NUE), and ArcelorMittal (ADR) (NYSE:MT). All of these important steel stocks have very little upside on the daily charts in the near term. Should these stocks form a consolidation pattern over the next week or two then these stocks could see further upside. X stock will have intra-day resistance around the $15.60, and $15.80 levels. The daily chart of X stock will have very good resistance around the $16.00 level.

Nicholas Santiago

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.