Reliance Steel $RS stock is trading in a Symmetrical TriangleThe symmetrical triangle pattern is one of the most popular chart patterns in the world of technical analysis. This pattern is a result of the convergence of two lines that form a ... pattern as of December 31, 2022. This consolidation pattern makes sense with all eyes on China’s COVID Zero Policy shift. The stock is in a technical uptrend.
Reliance Steel price target raised at KeyBanc
Reliance Steel’s price target was increased by KeyBanc analyst Philip Gibbs to $225 from $210 on November 22, 2022, while maintaining an Overweight rating for the stock. According to Philip Gibbs, Reliance Steel is the highest-quality and most defensive company in the sector due to its infrastructure optionality, strong recurring FCFE, industry-leading margins, and long history of generating long-term shareholder value.