Major Double Top From 2008 Tagged On Steel Dynamics, Inc. ($STLD)

Shares of Steel Dynamics, Inc. (NASDAQ:STLD) are getting tired from their epic run. In the last month the stock is up 75%. Investors are curious at what level Steel Dynamics will pull back? The answer lies in the year 2008. Back in 2007 and 2008 there was no fear that a financial collapse was about to take place. Instead, investors thought the economy would just keep improving forever. Weirdly enough, it almost sounds like how things are today. President-Elect Donald Trump is supposed to make miracles happen with the economy right? Another creepy similarity happens to be with the price of Steel Dynamics, Inc. just before the financial collapse. The price hit a high of $40.75 before the collapse began. Today, Steel Dynamics is inching toward that same level, less than a Dollar away. Considering the scary similarities and knowing that the double top will be major resistance, I am going to short the stock heavily for at least a pull back. Come follow my live trades on Verified Investing!





Stock chart double top near on shares of Steel Dynamics, Inc

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Major Double Top From 2008 Tagged On Steel Dynamics, Inc. ($STLD)