SSAB consolidating with likely breakout upwards coming
Updated
After years of battering, the stock found a low >1 year ago.
Most of 2017 has seen sideways consolidation with the recent forming of a Daily pennant.
There are sector fundamentals behind this too, with recently introduced EU tariffs on steel, which has all but dried up Chinese imports. Thus placing SSAB and other solid European steel producers in a far stronger position than they have been for years.
Resistance to be expected around Sek 50. Near-term target is Sek 60+
With time, far higher prices are possible.
Most of 2017 has seen sideways consolidation with the recent forming of a Daily pennant.
There are sector fundamentals behind this too, with recently introduced EU tariffs on steel, which has all but dried up Chinese imports. Thus placing SSAB and other solid European steel producers in a far stronger position than they have been for years.
Resistance to be expected around Sek 50. Near-term target is Sek 60+
With time, far higher prices are possible.
Trade active
The low of the day touched the July 2017 highs. Correction done?
The main thing is to keep the main thing the main thing
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.