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Russel Metals’ Hamilton plant takes coiled rolls of steel and cuts them down into plates for which then can be turned into products, including heavy machinery. (Glenn Lowson For The Globe and Mail)
Russel Metals’ Hamilton plant takes coiled rolls of steel and cuts them down into plates for which then can be turned into products, including heavy machinery. (Glenn Lowson For The Globe and Mail)

What the Charts Say

Bullish on Russel Metals Add to ...

Russel Metals Inc. declined from $27.75 to $18.90 (A-B), rallied to $27.95 (C) and then traded in a horizontal trading range mostly between $24 and $28 in 2012 (C-D). This price action produced a bullish technical pattern known as a “V-Extended” (solid lines). Recent price action signalled the breakout from this formation and the start of a new up-leg (D). Only a decline below its 40-week moving average (currently at about $26.50) would be negative.

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Point & Figure measurements provide targets of $34 and $38. Higher targets are visible.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Follow us on Twitter: @Monicarizk1, @RonsBriefs

 

Russel Metals

5 Year Performance

Add RUS-T to your Watchlist Chart for RUS-T
RUS-T 35.95 -0.22 -0.608 %

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Security Price Change
RUS-T Russel Metals 35.95 -0.22
-0.608 %
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