Steel finding strong support at the 50 days MA on the weekly graph, it should created pressure upwards. However, looking at the daily graph, steel is fighting for a breakthrough. Consistent downward pressure being exerted by the 200 days MA. At this point I am neutral, but with a tendency to believe it will go up once automotive demand starts to hit around Q2 2022. Cleveland Cliffs raised prices on CRS and SS, it is just a matter of time for them to hit HR. As said before, I am looking for a breakthrough upwards in the medium term.
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