RELIANCE Steel and ALUMINUM CO. - RS
Monthly chart shows "hold resistance becomes new support" off the prior high. Uptrend remains intact, although the current high was made with divergence in the momentum indicator.
Weekly chart shows buyers came out in force the past week, creating a bullish engulfing candle pattern.
Daily chart shows another large bullish engulfing candle pattern - the sellers gapped down the price at the open, only to find buyers who took the price up to close at the highs for the trading session - creating a J hook buy pattern setup. Look for continuation upward next week, to test the current high and higher.
Sunday, October 28, 2007
RS Analysis for 10.28.2007
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