Buy Area - $22.50 - $23.30 Target Area - Around $24 (First Fibonacci retracement level) Stop Limit - Below $22 Reasons to buy: - Daily stochastics are oversold - Within a channel and bottom of channel would be around entry area - Previous lows are around entry area from December - If you were to count June - September as a giant bear flag the meassured move down...
Sell Area - $21.50 - $22.30 Target Area - Around $19 (Near previous lows) Stop Limit - $22.80 Reasons to sell: - Massive trend line resistance from March has yet to break through - Daily stochastics almost overbought - General weakness in the steel sector compared to the overall market - Reversal candle stick www.TradeForPay.com