CPSL - China Precision Steel, Inc. (NASDAQ stock)

[InvestedCentral.com]

CPSL is a $122 million basic materials company that engages in the manufacture and sale of high precision cold-rolled steel products in the People's Republic of China. CPSL has been downtrending for months after making a huge run higher in the middle of 2009. On Monday, the downtrend was broken on massive volume. This will likely lead to further gains, although CPSL is slightly overbought with an RSI already piercing the 70 level. We would expect any pullback to the $2.40-$2.50 area to represent a solid entry point. A close below $2.30 would be an initial warning sign, but the big closing support level is $2.14. In time, CPSL could challenge the 2009 highs near $3.30.

[greencat]

Originally Posted by InvestedCentral.com

CPSL is a $122 million basic materials company that engages in the manufacture and sale of high precision cold-rolled steel products in the People's Republic of China. CPSL has been downtrending for months after making a huge run higher in the middle of 2009. On Monday, the downtrend was broken on massive volume. This will likely lead to further gains, although CPSL is slightly overbought with an RSI already piercing the 70 level. We would expect any pullback to the $2.40-$2.50 area to represent a solid entry point. A close below $2.30 would be an initial warning sign, but the big closing support level is $2.14. In time, CPSL could challenge the 2009 highs near $3.30.

Hell of a setup on it. Blasted out of the consolidation area. Good find and analysis.

[Ekmann99]

YES! good analysis man, imma be playing this one for sure

[greencat]

Getting to the point where its decesion time. Pulled back to support. Should make a move tomorrow.

CPSL Chart

[greencat]

CPSL now in an upward channel.

CPSL Chart

[greencat]

Upward channel still in play..

Originally Posted by greencat

CPSL now in an upward channel.

CPSL Chart