Reliance Steel RS Trading Report

January 22, 2023, 12:15 pmET, BY Scott B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for RS

• Buy RS slightly over 215.07 target n/a stop loss @ 214.45. Details

The technical summary data tells us to buy RS near 215.07, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 214.45 to protect against excessive loss in case the stock begins to move against the trade. 215.07 is the first level of support below 215.67, and by rule, any test of support is a buy signal. In this case, if support 215.07 is being tested, a buy signal would exist.

• NONE . Details

NONE .
There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.

Swing Trading Plans for RS

• Buy RS slightly over 218.46, target n/a, Stop Loss @ 217.83 Details

If 218.46 begins to break higher, the technical summary data tells us to buy RS just slightly over 218.46, with an upside target of n/a. The data also tells us to set a stop loss @ 217.83 in case the stock turns against the trade. 218.46 is the first level of resistance above 215.67, and by rule, any break above resistance is a buy signal. In this case, 218.46, 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 218.46, target 215.07, Stop Loss @ 219.09. Details

The technical summary data is suggesting a short of RS if it tests 218.46 with a downside target of 215.07. We should have a stop loss in place at 219.09 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, 218.46, 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 218.46, target n/a, Stop Loss @ 217.95 Details

If 218.46 begins to break higher, the technical summary data tells us to buy RS just slightly over 218.46, with an upside target of n/a. The data also tells us to set a stop loss @ 217.95 in case the stock turns against the trade. 218.46 is the first level of resistance above 215.67, and by rule, any break above resistance is a buy signal. In this case, 218.46, 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 218.46, target 215.32, Stop Loss @ 218.97. Details

The technical summary data is suggesting a short of RS if it tests 218.46 with a downside target of 215.32. We should have a stop loss in place at 218.97 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, 218.46, 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.

RS Ratings for January 22:

Term →	Near	Mid	Long
Rating	Strong	Neutral	Strong
P1	0	0	177.25
P2	209.99	212.26	195.62
P3	215.32	218.46	215.07

Chart of RS with Longer Term Pivots

Real Time Updates for Repeat Institutional Readers:

Factset: Repeat Factset Readers have been assigned a user/pass to access Our Research. It will include updates to RS. Request your user/pass by email: Request User/Pass

Bloomberg, Reuters, Refinitiv, Zacks, or IB users: Access Here.

Instructions:

• Click the Get Real Time Updates button below.

• In the login prompt, select forgot username

• Type the email you use for Factset

• Use the user/pass you receive to login

• You will have 24/7 access to real time updates.

From then on you can just click to get the real time update whenever you want.

GET REAL TIME UPDATES

This Reliance Steel (NYSE: RS) trading report incorporates analysis also used by some of the biggest funds in the world.  Review the technical takeaways closely.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for RS change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

Subscribers also receive market analysis, stock correlation tools, macroeconomic observations, timing tools, and protection from market crashes using Evitar Corte.  

Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if RS is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for RS too.  All of these are offered below the Summary Table.