Reliance Steel $RS Technical Update
The Reliance Steel (NYSE: RS) update and the technical summary table below can help you manage risk and optimize returns. We have day, swing, and longer-term trading plans for RS, and 1300 other stocks too, updated in real time for our trial subscribers. The data below is a snapshot, but updates are available now.
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Long Term Trading Plans for RS
October 11, 2018, 10:15 pm ET
The Technical Summary and Trading Plans for RS help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this RS Report.
RS - (Long) Support Plan
Buy over 80.55 target 88.33 stop loss @ 80.29.
The technical summary data tells us to buy RS near 80.55 with an upside target of 88.33. This data also tells us to set a stop loss @ 80.29 to protect against excessive loss in case the stock begins to move against the trade. 80.55 is the first level of support below 84.36 , and by rule, any test of support is a buy signal. In this case, support 80.55 would be being tested, so a buy signal would exist.
RS - (Short) Resistance Plan
Short under 88.33 target 80.55 stop loss @ 88.59.
The technical summary data is suggesting a short of RS as it gets near 88.33 with a downside target of 80.55. We should have a stop loss in place at 88.59 though. 88.33 is the first level of resistance above 84.36, and by rule, any test of resistance is a short signal. In this case, if resistance 88.33 is being tested, so a short signal would exist.