Reliance on a Pullback is a 'Steel'
by Sam Collins 03/25/09
Reliance Steel & Aluminum Co. (RS) -- This provider of metals processing services distributes a line of approximately 100,000 metal products.
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RS is in a channel-uptrend with the potential to break from the channel as commodity prices improve.
Technically, a break aboe $30 could result in a quick run to $40. The buy signal would be a close above $30. But the stock could be accumulated on a pullback to the 20- and 30-day moving averages, which are now at $22.
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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.
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