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Weekly green bar is drawn on a weekly chart when the stock had 4wk>10wk>30wk average and bounced up off of the rising 4 week average (pink dotted line). If I owned STLD I would place a stop just below last week’s low of 99.77 or sell if it closed back below its green line (at 100.37). The GLB (green line break-out) means the stock broke out to an ATH after consolidating for at least 3 months after its last ATH (here, last April).
PI also had a weekly green bar last week after its recent GLB. Note the huge volume on its GLB week. Cup and handle too?
The GMI remains Green, at 5 (of 6).
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Image and article originally from www.wishingwealthblog.com. Read the original article here.