When Reliance Steel (RS) Moves Investors should Listen

November 16, 2022, 04:00 am ET, BY David D.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for RS

• Buy RS slightly over 194.70 target 214.24 stop loss @ 194.14 Details

The technical summary data tells us to buy RS near 194.70 with an upside target of 214.24. This data also tells us to set a stop loss @ 194.14 to protect against excessive loss in case the stock begins to move against the trade. 194.70 is the first level of support below 203.15 , and by rule, any test of support is a buy signal. In this case, support 194.70 is being tested, a buy signal would exist.

• Short RS slightly under 214.24, target 194.70, stop loss @ 214.86 Details

The technical summary data is suggesting a short of RS as it gets near 214.24 with a downside target of 194.70. We should have a stop loss in place at 214.86though. 214.24 is the first level of resistance above 203.15, and by rule, any test of resistance is a short signal. In this case, if resistance 214.24 is being tested, a short signal would exist.

Swing Trading Plans for RS

• Buy RS slightly over 208.57, target 214.24, Stop Loss @ 207.97 Details

If 208.57 begins to break higher, the technical summary data tells us to buy RS just slightly over 208.57, with an upside target of 214.24. The data also tells us to set a stop loss @ 207.97 in case the stock turns against the trade. 208.57 is the first level of resistance above 203.15, and by rule, any break above resistance is a buy signal. In this case, 208.57, 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 208.57, target 199.79, Stop Loss @ 209.17. Details

The technical summary data is suggesting a short of RS if it tests 208.57 with a downside target of 199.79. We should have a stop loss in place at 209.17 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, 208.57, 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 203.54, target 208.57, Stop Loss @ 203.07 Details

If 203.54 begins to break higher, the technical summary data tells us to buy RS just slightly over 203.54, with an upside target of 208.57. The data also tells us to set a stop loss @ 203.07 in case the stock turns against the trade. 203.54 is the first level of resistance above 203.15, and by rule, any break above resistance is a buy signal. In this case, 203.54, 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 203.54, target 199.79, Stop Loss @ 204.01. Details

The technical summary data is suggesting a short of RS if it tests 203.54 with a downside target of 199.79. We should have a stop loss in place at 204.01 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, 203.54, 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 (RS) available here: RS.

RS Ratings for November 16:

Term →	Near	Mid	Long
Rating	Weak	Strong	Strong
P1	0	0	176.23
P2	196.07	199.79	194.70
P3	203.54	208.57	214.24

AI Generated Signals for RS

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How do we know what is going on #behindthescenes of a company?  According to Stock Traders Daily, a 20-year #financialindustry innovator, the best way to do this to to watch the price action in the stock. The  Reliance Steel (NYSE: RS) report below is a real world example. Included are trading plans for RS, but this report is static. If you want an update, or a different stock, please get one here Unlimited Real Time Reports.