Mid cap Steel Processing Name Nearing Breakout From Value
Reliance Steel (RS) shares building a tight bull flag inside of monthly value area and closed strong Thursday in a weak tape as materials and steel names powered higher. RS has a bullish MACD cross confirming and cleared a small trendline so a breakout trigger through the top of value at 208.50 can signal a fresh move to new highs into 217 and beyond with the 222 level being the 1.272 fib extension.
