Learn to Evaluate Reliance Steel (RS) using the Charts

February 10, 2023, 18:30 pm ET, BY Tyler- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for RS

• Buy RS slightly over 226.28 target n/a stop loss @ 225.63. Details

The technical summary data tells us to buy RS near 226.28, 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 225.63 to protect against excessive loss in case the stock begins to move against the trade. 226.28 is the first level of support below 228.68, and by rule, any test of support is a buy signal. In this case, if support 226.28 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 231.15, target 239.54, Stop Loss @ 230.48 Details

If 231.15 begins to break higher, the technical summary data tells us to buy RS just slightly over 231.15, with an upside target of 239.54. The data also tells us to set a stop loss @ 230.48 in case the stock turns against the trade. 231.15 is the first level of resistance above 228.68, and by rule, any break above resistance is a buy signal. In this case, 231.15, 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 231.15, target 226.28, Stop Loss @ 231.82. Details

The technical summary data is suggesting a short of RS if it tests 231.15 with a downside target of 226.28. We should have a stop loss in place at 231.82 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, 231.15, 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 230.72, target 231.15, Stop Loss @ 230.18 Details

If 230.72 begins to break higher, the technical summary data tells us to buy RS just slightly over 230.72, with an upside target of 231.15. The data also tells us to set a stop loss @ 230.18 in case the stock turns against the trade. 230.72 is the first level of resistance above 228.68, and by rule, any break above resistance is a buy signal. In this case, 230.72, 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 230.72, target 227.72, Stop Loss @ 231.26. Details

The technical summary data is suggesting a short of RS if it tests 230.72 with a downside target of 227.72. We should have a stop loss in place at 231.26 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, 230.72, 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 February 10:

Term →	Near	Mid	Long
Rating	Strong	Strong	Strong
P1	0	0	189.82
P2	227.72	231.15	207.70
P3	230.72	239.54	226.28

Support and Resistance Plot Chart 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 (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.