Steel Stocks Break Out

01/11/2010 3:07 pm EST


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The Dow Jones steel index broke out last week, as did shares of Steel Dynamics (STLD), closing well above the September highs at $18.56. The 50% resistance is at $23, about 15% above current levels. Additional Fibonacci targets in the $26-$28.50 area, with support at $16.50. The OBV has confirmed the price action. For more market analysis, sign up for this week’s Trading Lesson here.

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