South Korea's POSCO Joins Global Steel Rally

 | Mar 01, 2017 | 3:43 PM EST
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

pkx

POSCO (PKX)  is another steel manufacturer with a positive-looking chart.

The South Korean company isn't a household name in the U.S., but that doesn't mean we should pass it over when looking for investment ideas. Let's check the charts.

In this daily bar chart of PKX, above, going back 12 months, we can see a pretty reliable uptrend. The slopes of the 50-day and  200-day moving average lines have been positive since early 2016. Dips to the rising 200-day line were buying opportunities. The On-Balance-Volume (OBV) line is generally positive and the Moving Average Convergence Divergence (MACD) oscillator is above the zero line or in positive territory.

This three-year weekly chart of PKX, above, is positive. We can see a long decline in 2014 that ends in early 2016. Prices are above the rising 40-week moving average line. The weekly OBV line gives a much stronger impression than the daily OBV line. The MACD oscillator on this timeframe gave a cover-shorts buy signal in October 2015 and remains bullish.

This Point and Figure chart of PKX, above, shows the uptrend and yields a price target of $74-$75.

Bottom line: Aggressive traders could trade PKX from the long side, risking below $59 looking for gains to the $75 area in the months ahead.

Columnist Conversations

Tilray's staggering 41% rise this morning leaves the company with an insane valuation and leaves Canopy Growth...
I badly want to be the person that calls the top in red-hot cannabis stocks, but fear looking like a short-ter...
Now the government will get to really dive into the inner workings of Tesla (TSLA) . Who knows what else they...
In GS I see key price support at the 224.49-226.42 area.  I also have timing for a possible low.  I ...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by

COLUMNIST TWEETS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.