26 March 2007
X and steel
i noticed this chart over the weekend. check out the negative divergence between price and rsi, even at barely new highs... volume at these new highs is weak too. now today, monday, it gapped up at the opening. if volume is big today and x closes at new highs, that would be very bullish. volume sucks and/or it closes weak, keep an eye on it for short. also, there may be buyout rumors circulating in the steel sector in general.
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5 comments:
walter - you are fricking brilliant... not one, but TWO, steel deals announced this am. thanks, jim.
PS - I think BOOM gets taken out too, but I wont wear you out with that!
regarding the info about rumors of buyouts, i was just passing along information i had received... good contact to have!
Now you can short the group.
hope you didn't short SCHNITZER STEEL SCHN
LOL you guys are a hoot LOL
not yet, but it's on radar...
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