got sucked in on this one long after a positive earnings call the other day, only to have it sell right from the beginning. any ideas? is steel done?
I would think now is not a great time for steel but CHAP is a very interesting company end markets wise. I have tracked it on and off for a year and it's the type of stock you turn your back and it's up $7. Stick with it until you are sure the economy is slowing...
What did I tell you Scriabinop23! CHAP went up $2 this week as soon as you started complaining about it! You MUST keep on bitching' -this is an old stonedinvestor trick. Just rant around the house and on ET scream into the bathroom mirror over and over" I can't believe I made that trade! That stupid F*c^ing CHAP "... and it will be back to $48 in no time. good trading>
You got it! I just bought CMC. There is going to be a two QTR spurt in growth for the economy I think steel is ok here.
I'm new to trading the steel sector (so i'm dipping in lightly), but what do you view as your up and downside on this? i see 20 support, 30 resistance. definitely this chart is very 'commodity oriented' ...
Well it's not a perfect play but downside is very obvious just under $25... it's had a nice 9% correction and I expect to take out the high by next quarter. I think right now $33 is my target. Moving Average Convergence/Divergence (MACD) indicates a Bearish Trend. Chart pattern indicates a Possible Trend Reversal. Relative Strength is Neutral. Up/Down volume pattern indicates that the stock is under Distribution. The 50 day Moving Average is rising which is Bullish. The 200 day Moving Average is rising which is Bullish. Another thing is the " scrap metal ' angle to this company CMC should do well even in an economic slowdown, as reformulated scrap is ( I think- still working on this) cheaper than buying straight rolled steel. Another really interesting company is Carpenter Tech CRS you should check it out. It's volatile like your CHAP at just over $100 it could go to $124 pretty easily.....