Where is #steel and #aluminium stocks heading towards? Are the | Bursa Pilot Group

Where is #steel and #aluminium stocks heading towards? Are they just a few days show?

These are the questions in everyone's mind recently as steel and aluminium counters start to move, but there was quite some profit taking today... So what is going on exactly?

Always look at the big picture first. Yes, aluminium prices are at an all time high and steel prices are performing decently as well, so logically our counters should follow. Right?

However, our #FBMKLCI is likely to undergo a retracement as it had recently rebounded very strongly. Every bullish wave needs a rest, so retracement is very natural. We expect it to retrace around the #1562area.

So when the market retraces, generally the counters will follow as well.

Those like ANNJOO which have pushed up alot may have a sharper retracement, while those slower ones like TASHIN may have a less volatile retracement.

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