Reliance Steel $RS Stock In a Symmetrical Triangle Pattern On China COVID Zero Policy Shift

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Reliance Steel $RS stock is trading in a Symmetrical Triangle 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 stock chart on December 31 2022 with a Symmetrical Triangle chart pattern and positive money flow
Reliance Steel stock chart on December 31 2022 with a Symmetrical Triangle chart pattern and positive money flow

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.

Nucor CEO on the WTO’s ruling against U.S. steel tariffs

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