Learn to Evaluate Reliance Steel & Aluminum Co. (de) ($RS) using the Charts

November 17, 2023, 01:30 am ET, BY Patrick- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for RS

• Buy RS slightly over 260.09 target 280.34 stop loss @ 259.34 Details

The technical summary data tells us to buy RS near 260.09 with an upside target of 280.34. This data also tells us to set a stop loss @ 259.34 to protect against excessive loss in case the stock begins to move against the trade. 260.09 is the first level of support below 271.84 , and by rule, any test of support is a buy signal. In this case, support 260.09 would be being tested, so a buy signal would exist.

• Short RS slightly under 280.34, target 260.09, stop loss @ 281.15 Details

The technical summary data is suggesting a short of RS as it gets near 280.34 with a downside target of 260.09. We should have a stop loss in place at 281.15though. 280.34 is the first level of resistance above 271.84, and by rule, any test of resistance is a short signal. In this case, if resistance 280.34 is being tested, so a short signal would exist.

Swing Trading Plans for RS

• Buy RS slightly over 274.7, target 280.34, Stop Loss @ 273.91 Details

If 274.7 begins to break higher, the technical summary data tells us to buy RS just slightly over 274.7, with an upside target of 280.34. The data also tells us to set a stop loss @ 273.91 in case the stock turns against the trade. 274.7 is the first level of resistance above 271.84, and by rule, any break above resistance is a buy signal. In this case, 274.7, 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 274.7, target 268.9, Stop Loss @ 275.49. Details

The technical summary data is suggesting a short of RS if it tests 274.7 with a downside target of 268.9. We should have a stop loss in place at 275.49 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, 274.7, 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 274.7, target 275.6, Stop Loss @ 274.06 Details

If 274.7 begins to break higher, the technical summary data tells us to buy RS just slightly over 274.7, with an upside target of 275.6. The data also tells us to set a stop loss @ 274.06 in case the stock turns against the trade. 274.7 is the first level of resistance above 271.84, and by rule, any break above resistance is a buy signal. In this case, 274.7, 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 274.7, target 270.54, Stop Loss @ 275.34. Details

The technical summary data is suggesting a short of RS if it tests 274.7 with a downside target of 270.54. We should have a stop loss in place at 275.34 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, 274.7, 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 November 17:

Term →	Near	Mid	Long
Rating	Strong	Strong	Strong
P1	0	0	260.09
P2	270.54	268.9	280.34
P3	275.6	274.7	300.95

AI Generated Signals for RS

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When #institutionalinvestors make decisions to buy and sell #stocks they normally want to keep it quiet.  However, if we pay close attention we can see what is going on, and make good decisions.. The  Reliance Steel & Aluminum Co. (de) (NYSE: RS) report below can help you understand how to do this. The trading plans for RS, are updated in real time for subscribers, but this report is static. If you want an update, or a different report on a different stock, please get one here Unlimited Real Time Reports.