I'm accumulating this stock on weakness. On a weekly chart, draw an extension line on the lower lows and then connect the two peaks coming down. The stock is trading on the bottom line of the wedge pattern with three intermediate peaks down after touching the top line of the wedge. The next time it goes up it will break out.
SPY hit daily 200sma, media pumping market correction, the question is will the funds step in to window dress their portfolio on tomorrow's end of quarter date. I am pretty sure the market will close green tomorrow, but I am not sure if they will gun for the triple bottom support in the pre market or bounce it here at the 200sma.
Often times when a stock snaps back and reclaims a major support, it goes back to test the previous high. In other words a change of polarity or a reversal takes place.
It depends on the close. If it closes above 46.18, its considered a cup and handle break out on a weekly time frame. The chart is telling us to stay long.
SID pierced the 20sma (1.96) on weekly chart, and there is another gap fill support at 1.85 on daily chart. The way its coming down, it should bounce. Its a dam if you do and dam if you don't catch that knife.
China sold off today, and Greek is up to bat. However, this could be a pivot point, but we need to see what happens on the close. A close above yesterdays low is very bullish.
SID is a currency play on the strong dollar with the pending rate hike. They have a way to make it work out with exporting steel to the US.