Steel Dynamics, Inc., together with its subsidiaries, produces and
sells steel products in the United States and internationally. The
company operates in three segments: Steel Operations, Metals Recycling
and Ferrous Resources Operations, and Steel Fabrication Operations. The
Steel Operations segment provides a range of sheet steel products,
including hot rolled, cold rolled, and coated steel products; structural
steel beams, pilings, and rails; special bar quality and merchant bar
quality rounds and round-cornered squares. The Metals Recycling and
Ferrous Resources Operations segment purchases, processes, and resells
ferrous products, such as heavy melting steel, busheling, bundled scrap,
shredded scrap, steel turnings, and cast iron products; and processes
nonferrous products consisting of aluminum, brass, copper, stainless
steel, and other nonferrous metals for use in foundry, mill refining,
and smelting applications. The Steel Fabrication Operations segment
produces steel building components comprising steel joists, trusses,
girders, and decking products for the non-residential construction
industry.
To review Gannett's stock, please take a look at the 1-year chart of STLD (Steel Dynamics, Inc) below with my added notations:
STLD has been trading sideways since the beginning of the year while
forming a common pattern known as a rectangle. Rectangle patterns form
when a stock gets stuck bouncing between a horizontal support and
resistance. A minimum of (2) successful tests of the support and (2)
successful tests of the resistance will give you the pattern. STLD's
rectangle pattern has formed a $16 resistance (red) and a $14 support
(blue). A break above $16 would also be a new 52-week high.
The Tale of the Tape: STLD is trading within a
rectangle pattern. The possible long positions on the stock would be
either on a pullback to $14, or on a breakout above $16. The ideal short
opportunity would be on a break below $14.
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