apidechphoto/iStock via Getty Images
Intro
We wrote about Commercial Metals Company (NYSE:CMC) in 2020 and multiple times in 2021 when we stamped a ‘Buy’ signal on the steel fabricating company. Since our initial ‘Buy’ call in July 2020, shares have returned approximately 200% for corresponding shareholders. The company’s keen valuation at the time, supporting technicals and a strong growth path supported our bullish thesis, resulting in shares almost eclipsing $60 a share in March of this year.
As we see below, however, March’s attempt to take out $60 a share was the third unsuccessful attempt over the past fifteen months to take out overhead technical resistance. A further ‘telltale’ sign on the weekly chart is the divergence of the MACD technical indicator. Weekly MACD signals are especially noteworthy on weekly charts due to how they account for both the momentum & trend of the stock over time. Suffice it to say, as we learn…
