Super quick update on this one. I made a call on this guy back in April which I feel was not a *great* call. I was expecting the stock to move above $35.56 much sooner but regardless I was reviewing that post today, and when checking the charts again noticed that there appears to be about three touches to the $39.40-$39.50 zone.

I think there could be some nice movement if the stock busts through $39.50 on good volume. It’s a strong point of resistance, but after that point there are no other resistance levels.

Will be fun to see how this guy pans out.

STLD is showing a beautiful upward trending price channel with pretty “predicable” tags on the 20 day moving average.

Today was a down day and it looks like it may be a buying opportunity as the price just hit the channel’s bottom support line.

Another positive is that  the dips in price have been led by fairly low volume where as the upward movements are powered by higher volume.

I would buy @ $35.56 with a pretty conservative stop loss around $34 bucks.  If the price continues to hold it’s bouncy trend, I would sell upon reaching the upper boundary of the price channel.