Cycle Trading: Steel Bottom

LikesMoney Independent Analyst

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.

Author

LikesMoney

Independent Analyst

Assets (such as stocks, gold, and the dollar) have identifiable cycles.

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