The steel and steel-related stocks have caught solid pin action off the strength in China of late. Scanning the individual and sector ETF charts, there is still plenty of technical improvement for bulls to do before the group is in anything close to resembling an established uptrend. But you can be sure bulls are expecting the sector to follow Los Angeles-based Reliance Steel higher.
With a market cap of nearly $4.7 billion, the stock is above all its rising daily chart moving averages. Price has based well above $60 over the past week or so amidst broad market volatility. Also keep an eye on WOR as another premium technical setup in the sector.
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