Stock Chart CMC

Stock Chart Analysis CMC

Commercial Metals Company (Public, NYSE:CMC)

Industrial Metals stocks have been on a tear lately as inflation is starting to move to the forefront again. It looks like some of these names are under accumulation with stocks like X, NUE, and WLT ripping higher daily. CMC is one that may be flying a little under the radar, but could be ready to move to center stage. It's been building a base that resembles a reverse head and shoulders. The weekly chart may also be hinting at a correction that has run it's course. Often these patterns may be setting up bull traps, but it's never known until after the fact. Speculating is a game of odds and the best we can do is find setups where the reward outweighs the risk we are taking. If CMC clears this base, it could very well head to new highs, and if it fails, the risk shouldn't be too great from this spot on the chart.




Good Trading,


Joey

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