How the (RS) price action is used to our Advantage

June 29, 2024, 06:08 am ET, BY Momei- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for RS

• Buy RS slightly over 281.33 target 306.35 stop loss @ 280.52 Details

The technical summary data tells us to buy RS near 281.33 with an upside target of 306.35. This data also tells us to set a stop loss @ 280.52 to protect against excessive loss in case the stock begins to move against the trade. 281.33 is the first level of support below 285.6 , and by rule, any test of support is a buy signal. In this case, support 281.33 would be being tested, so a buy signal would exist.

• Short RS slightly under 306.35, target 281.33, stop loss @ 307.23 Details

The technical summary data is suggesting a short of RS as it gets near 306.35 with a downside target of 281.33. We should have a stop loss in place at 307.23though. 306.35 is the first level of resistance above 285.6, and by rule, any test of resistance is a short signal. In this case, if resistance 306.35 is being tested, so a short signal would exist.

Swing Trading Plans for RS

• Buy RS slightly over 306.35, target 332.09, Stop Loss @ 305.47 Details

If 306.35 begins to break higher, the technical summary data tells us to buy RS just slightly over 306.35, with an upside target of 332.09. The data also tells us to set a stop loss @ 305.47 in case the stock turns against the trade. 306.35 is the first level of resistance above 285.6, and by rule, any break above resistance is a buy signal. In this case, 306.35, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short RS slightly near 306.35, target 284.43, Stop Loss @ 307.23. Details

The technical summary data is suggesting a short of RS if it tests 306.35 with a downside target of 284.43. We should have a stop loss in place at 307.23 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 306.35, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for RS

• Buy RS slightly over 306.35, target 332.09, Stop Loss @ 305.64 Details

If 306.35 begins to break higher, the technical summary data tells us to buy RS just slightly over 306.35, with an upside target of 332.09. The data also tells us to set a stop loss @ 305.64 in case the stock turns against the trade. 306.35 is the first level of resistance above 285.6, and by rule, any break above resistance is a buy signal. In this case, 306.35, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short RS slightly near 306.35, target 284.43, Stop Loss @ 307.06. Details

The technical summary data is suggesting a short of RS if it tests 306.35 with a downside target of 284.43. We should have a stop loss in place at 307.06 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 306.35, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Check the time stamp on this data. Updated AI-Generated Signals for  Reliance Steel & Aluminum Co. (de) (RS) available here: RS.

RS Ratings for June 29:

Term →	Near	Mid	Long
Rating	Neutral	Neutral	Strong
P1	0	0	281.33
P2	279.38	279.25	306.35
P3	282.43	284.43	332.09

AI Generated Signals for RS

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Our job as #investors is to pay attention to the #stocks we own.  Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The  Reliance Steel & Aluminum Co. (de) (NYSE: RS) data table below can help you with price action, and we have more details too. Trading plans for RS are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.