Cycle Trading: Steel Bottom
|Steel is beginning to look interesting so I thought that we should take a look.
Steel formed a daily swing low on Thursday.
Steel printed its lowest point on Wednesday following the day 5 peak. Wednesday was day 28, placing steel in its timing band to print a daily cycle low. The swing low formed above the support of the 200 day MA. So there are good odds that the day 28 hosted the daily cycle low. A break above the declining accelerated (red dashed) trend line will provide our first confirmation of a new daily cycle. Then a break above the declining (blue) trend line will provide final confirmation that day 28 hosted the DCL.
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