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Top Steelmaker Forms Bullish Candle at Support Looking to Rally

by | Jan 29, 2024

Steel Dynamics (STLD) shares formed a strong bullish hammer candle Monday off the lower edge of monthly value and closed at highs just above its 8 EMA now back inside of its value area. A follow-through push above 117.50 can see a strong surge back higher to the 120 point of control with eventual targets at the top of its value area at 123.85. STLD could get some sympathy upside moves after Monday afternoon’s earnings release from peer Nucor, who beat top and bottom-line estimates. STLD has seen recent buyers of 700 May $130 calls for $3.75 on 1/9 that remain in open interest.

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