The left-for-dead steel sector was a sneaky outperformer last week. It may be just a dead-cat bounce for the group as a whole, but we have been looking at WOR ZEUS as being the two best technical setups in the space for a while now. And on the second chart, below, you can see that ZEUS continues to impress (daily timeframe).
Also keep an eye on Steel Dynamics, the first chart below of the daily timeframe. Here we have a stock which bull trapped overzealous steel bulls back in May. Now, however, all daily chart moving averages are now rising and properly aligned below price as we see the resistance trendline of a well-defined channel being probed.
I have $15.80 as being a first trigger where I would consider initiating a starter long position. And I would not want to see it lose $15 again.
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