Wall Street Traders Column 3/20/06 - Buy WBSN
March 20th, 2006 / 3:12 am / by Harry Aloof
Buy Alert - MITTAL STEEL COMPANY (MT-NYSE) - Report No. 2162, Analysis by Harry Aloof - Technical Viewpoint: From a low of $31.75 on Feb 16, 2006 prices rallied, reaching a high of $36.33 on Mar 3, 2006. A decline saw prices pull back, reaching a low of $32.40 on Mar 10, 2006. Another rally saw prices penetrate resistance line “A”, closing 3/17/06 at $37.45. Technicals: MACD-Histogram (MACD-H): A Buy Alert! was given on Mar 18, 2006 when the Histogram crossed the “0″ line to the upside. Support: Remains at $35.00. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on Mar 17, 2006. A P&F downside reversal takes place at $34.00. Summary: Technical indicators have turned bullish. BUY! MITTAL STEEL COMPANY (MT-NYSE) @ $38.13 Stop: Use a protective stop of $36.13. MITTAL STEEL COMPANY is currently trading @ $37.45 plus $2.25 on Mar 17, 2006. Price Objective: $48.00. Risk/Reward: $2.00 VS. $9.87. Today’s Risk Reward Ratio: 5:1
