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Sunday, January 30, 2011

Steel Counter still in dilemma

Looking into the steel counter, last week performance was very dull and overall sector is still bad.

1) Trend line - Still below uptrend line and going sideway
2) HH - Tested the previous higher higher at 12.2 and rebound and formed a Lower High at 12.33 ( not a good sign)
3) MACD - Red Line still above the blue line. Awaiting 4R1G signal
4) RSI - Still retracing ( Bearish) and waiting to rebound from 50% signal
5) ADX - Momentum still good and bullish

Entry Price - 12.5
Stop loss - 12
Take Profit - 12.73 R1 and 12.97 R2

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