Steel Companies Testing Key Intermediate Support
Mid-Day Minute for Wed May 5th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Our mid-day minute chart today looks at some select names in the steel sector: United States Steel (X), AK Steel (AKS), Cliffs Natural Resources (CLF) and Nucor (NUE). While there are not-so-subtle fundamental differences between the various steel companies, from an intermediate-term technical perspective every one of them appears to have ended a multi-month recovery rally and is approaching a test of important support, the success or failure of which could have serious implications for the prices of these names, but for the prolongation of the global economic expansion.
