Congressional hearings on the steel industry were scheduled Thursday amid rumors that the Trump Administration will place import restrictions on steel.
The Model Portfolio is long AK Steel Holding Corporation (NYSE:AKS).
The rounded base formation at the very low end of a major corrective (bear) leg from 11.39 to 5.30 (a correction of 54%) has the right setup for upside breakout and continuation toward 8.
Certainly, positive news about the restriction of foreign steel dumping will help the bullish case.
Stay tuned.