On April 5th we took a look at steel
We looked at the long term chart for steel and discussed how the 44 level had been support for steel prior to 2012 but then acted as resistance for the following 5 years.
Steel broke above the 44 resistance level late 2017. Steel back tested the 44 level as it declined into the February DCL. The after breaking out to a new multi year high in February, steel proceeded to back test the 44 level again as steel declined into its yearly cycle low.
So when we last looked at steel on April 5th, it had just confirmed a new daily cycle. Steel has continued to rally and closed above both the 50 day MA and the upper daily cycle band. Closing above the upper daily cycle band ends the daily downtrend and signals the beginning of a new daily uptrend.
* Appears to have printed its yearly cycle low.
* Steel has successfully back tested the multi year support/resistance level.
* Steel is beginning a new daily uptrend.