Steel Dynamics Pullback on Rising Large Players Volume

Steel Dynamics has formed a basing pattern after a 61.8% Fibonacci retracement, with rising large players volume.

Steel Dynamics stock has done a 61.8% Fibonacci retracement while large players volume is rising. Steel Dynamics also had a pocket pivot signal on Friday, November 10, 2017.

The catalyst is that steel prices will rebound in light of China’s winter closures and supply discipline. China may reduce steel production by about 33 million mt between mid-November and the end of March 2018, based on S&P Global Platts estimates published October 27, 2017.

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