After some beautiful runs in Steel stocks , they took a rest and some thought that Steels strength was over. It seems that the Large run up just needed to take a healthy breather and consolidate some gains ,so lets see where they are now. We’ll start with AKS
The above chart of AKS shows a possible break out from a triangle consolidation . The MACD is curling up, which is positive too.
This was a healthy consolidation after a 220+% Gain in 2013. And on a Weekly chart, it hit resistance too.
Another Steel Stock that had a great run is’ X’ , the daily and weekly are below. The daily appears to be breaking out from a 4 month consolidation, however one might want to wait until the 50sma is gained before adding.
GSI is a Steel stock that took off 2 weeks ago…
So I.M.H.O. some of the STEEL stocks appear to be ending their recent rest, and may make some good investments in the near future