Trading Reliance Steel RS With Integrated Risk Controls

Source: Stock Traders Daily

Longer Term Trading Plans for RS
  • NONE. Details
  • There is no current Support Plan to trigger a buy of this stock at this time. This usually means that there are no clear support levels at this time, so buying the stock as it falls could be considered catching a falling knife. Buy signals only exist if resistance breaks higher.This often is a signal that the stock you are watching is weak. Waiting for a turn higher may be more intelligent than trying to catch a falling knife. In any case, new support levels are usually revised to the database at the beginning of the next trading session.

  • Short RS under 152.90, target n/a, stop loss @ 153.34 Details
  • The technical summary data is suggesting a short of RS as it gets near 152.90, but the downside target is not available from the current data. This tells us to hold that position if it is triggered until a new downside target has been established (updates occur at the beginning of every trading session) or until the position has been stopped. The summary data tells us to have a stop loss in place at 153.34. 152.90 is the first level of resistance above 144.77, and by rule, any test of resistance is a short signal. In this case, if resistance 152.90 is being tested, so a short signal would exist.

Swing Trading Plans for RS
  • Buy RS over 145.08, target 152.90, Stop Loss @ 144.66 Details
  • If 145.08 begins to break higher, the technical summary data tells us to buy RS just over 145.08, with an upside target of 152.90. The data also tells us to set a stop loss @ 144.66 in case the stock turns against the trade. 145.08 is the first level of resistance above 144.77, and by rule, any break above resistance is a buy signal. In this case, 145.08, 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 near 145.08, target 141.36, Stop Loss @ 145.5. Details
  • The technical summary data is suggesting a short of RS if it tests 145.08 with a downside target of 141.36. We should have a stop loss in place at 145.5 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, 145.08, 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 over 145.08, target 146.61, Stop Loss @ 144.74 Details
  • If 145.08 begins to break higher, the technical summary data tells us to buy RS just over 145.08, with an upside target of 146.61. The data also tells us to set a stop loss @ 144.74 in case the stock turns against the trade. 145.08 is the first level of resistance above 144.77, and by rule, any break above resistance is a buy signal. In this case, 145.08, 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 near 145.08, target 144.17, Stop Loss @ 145.42. Details
  • The technical summary data is suggesting a short of RS if it tests 145.08 with a downside target of 144.17. We should have a stop loss in place at 145.42 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, 145.08, 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 Technical Summary | Raw Data for the Trading Plans

Term →Near Mid Long
Bias Strong Weak Strong
P1 0 0 152.90
P2 144.17 141.36 167.74
P3 146.61 145.08 183.81

RS Long Term Analysis for October 13 2021


RS Swing Trading Analysis for October 13 2021


RS Day Trading Analysis for October 13 2021

Price matters most to #makingmoney in the #stockmarket. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time. The Reliance Steel (NYSE: RS) report below can help you, but we have more details too. The trading plans for RS, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.

Graph of Evitar Corte vs S&P 500

AD