Reliance Steel RS Technical Data

January 03, 2023, 06:45 am ET, BY Joseph H.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for RS

• Buy RS slightly over 195.62 target 215.07 stop loss @ 195.06 Details

The technical summary data tells us to buy RS near 195.62 with an upside target of 215.07. This data also tells us to set a stop loss @ 195.06 to protect against excessive loss in case the stock begins to move against the trade. 195.62 is the first level of support below 202.44 , and by rule, any test of support is a buy signal. In this case, support 195.62 is being tested, a buy signal would exist.

• Short RS slightly under 215.07, target 195.62, stop loss @ 215.69 Details

The technical summary data is suggesting a short of RS as it gets near 215.07 with a downside target of 195.62. We should have a stop loss in place at 215.69though. 215.07 is the first level of resistance above 202.44, and by rule, any test of resistance is a short signal. In this case, if resistance 215.07 is being tested, a short signal would exist.

Swing Trading Plans for RS

• Buy RS slightly over 205.94, target 215.07, Stop Loss @ 205.35 Details

If 205.94 begins to break higher, the technical summary data tells us to buy RS just slightly over 205.94, with an upside target of 215.07. The data also tells us to set a stop loss @ 205.35 in case the stock turns against the trade. 205.94 is the first level of resistance above 202.44, and by rule, any break above resistance is a buy signal. In this case, 205.94, 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 205.94, target 200.57, Stop Loss @ 206.53. Details

The technical summary data is suggesting a short of RS if it tests 205.94 with a downside target of 200.57. We should have a stop loss in place at 206.53 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, 205.94, 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 204.25, target 205.94, Stop Loss @ 203.77 Details

If 204.25 begins to break higher, the technical summary data tells us to buy RS just slightly over 204.25, with an upside target of 205.94. The data also tells us to set a stop loss @ 203.77 in case the stock turns against the trade. 204.25 is the first level of resistance above 202.44, and by rule, any break above resistance is a buy signal. In this case, 204.25, 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 204.25, target 200.85, Stop Loss @ 204.73. Details

The technical summary data is suggesting a short of RS if it tests 204.25 with a downside target of 200.85. We should have a stop loss in place at 204.73 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, 204.25, 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.

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RS Ratings for January 03:

Term →	Near	Mid	Long
Rating	Strong	Neutral	Strong
P1	0	0	177.25
P2	200.85	200.57	195.62
P3	204.25	205.94	215.07

Support and Resistance Plot Chart for RS

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This report was produced using AI developed by Stock Traders Daily.  Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves.  This methodology is also applied to Index options, ETFs, and futures.  The objective of this specific report is to optimize trading in Reliance Steel (NYSE: RS) while incorporating prudent risk controls.

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.

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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.