Ended up familiarizing myself a little bit more with the Interactive Brokers platform, and this is the result. Bear in mind, this is my best investment ever, so throw all ideas of unbiased analysis out the window.
Go through it on your own, but beware of the fibs. those are pretty tight and the level has been tagged quite a bit, which is actually true for most of the fibs here. Bollinger bands say rise, longer term ADX is indicating stronger trend than ever in the little bowl the stock has been in for a long time, and Magic-D is with us. Targets are 82 within the quarter, and then possibly 120 (post-2009 high) within the year. Yeah, 100% appreciation, I never claimed to be doing sane stuff with this stock!
The hitch is that this is a very volatile stock, and last time this pattern was active, then the same magnitude of moves happened in rather short order. And look at it, 50% up in a few months, not shabby! (I’m kicking myself for not taking the trade as it tangented the lows of 2008…)
SSAB is also very dependent on the developments in nearly all foreign markets, but if they’re successfully moving over more business to China, then the inflation numbers out of there are certainly some to cheer! 12.8 trailing P/E and 30% maximum draw down, with initial target at 30% appreciation. Lets play!