The Closing Print live trading and financial blog during market hours.

Many of the steel stocks mentioned herein have potential upside in the forecast, as the bullish flow continues in the Dow Jones Steel Index. Pre-market session activity in this industry group appears to confirm this observation.

DJ-Steel-Index

Cleveland Cliffs formerly know as Cliffs Natural Resources is about to lift above the VBP resistance levels indicated, while temporarily pausing at the 20ema yesterday. The 200ma is a short-term target, then previous highs at 8.77 (+/-).

CLF-09-27-2017

CLF oscillators, RSI STO and MACD are all turning.

RS-09-2017

Schnitzer Steel Industries, Inc. SCHN offers an attractive alternative, as the company recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. It operates through two segments, Auto and Metals Recycling (AMR) and Steel Manufacturing Business (SMB).

Technically, the chart is breaking to 52-week highs, which means there is little overhead supply, plus SOTEMA is bullish. RSI and STO are rising, suggesting higher prices. The company does not report earnings until October 24.

SCHN-daily-09-28-2017

The monthly chart is compelling if you are a swing trader, as price action lifts above resistance (VBP) at 27.25 (+/-). The potential exists to revisit all-time highs. Fundamentals will ultimately drive the bus to those levels if the company continues to outperform the industry group.

SCHN-monthly

VALE saw block trade activity late Wednesday. The daily chart is less compelling than the other charts above, but it did form a hammer of sorts at the lower Bollinger bands.

VALE-blocks

All of these stocks should be monitored today for potential followthrough, as they are all green in the pre-market session.

Stocks we are watching today. DDD BBRY ABEO ARWR ARRY FIVE CTRL ICHR BAC C GS

Happy Thursday,

Vinny



Disclaimer:  Do your Own Research

Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

Investment Warnings

We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.