Indian Steel:

The steel group has been under heavy pressure as the letter X completed a bearish three-black crows pattern last week. Its stock is now 34% off highs made on 4/1. On its WEEKLY chart, its failure to break above a bull flag just below the round 40 number could have been considered a warning. Peer CLF has lost almost 30% over the last one-month period alone and Monday slipped underneath its 200-day SMA. Follow through to the downside occurred for former leader NUE after its bearish WEEKLY shooting star candle the week ending 4/22 that CLOSED almost 30 handles off intraweek highs. International names in the space have not been spared as VALE is 30% off most recent 52-week highs as it was unable to hold the very round 20 figure for very long in March-April. Below is the chart of Indian play MT and this one is curious as it was one of a select few nations that did not condemn Russia’s invasion of Ukraine at the UN and it also recorded a reverse stock split 5 years ago.

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