SSteel may have a bullish breakout

SSteel has broken above its strong horizontal resistance of RM1.88-90 this morning, when it gained 20 sen to close at RM2.00. The RM2.00 level is a strong psychological resistance level, where the stock may take a pause before going higher. The next resistance levels are seen at RM2.20 & RM2.35.


Chart: SSteel's weekly chart as at December 31 (courtesy of Quickcharts)

The performance of SSteel share price mirrored that of the bigger steel stocks, such as Annjoo & Kinstel. Other smaller players that are worth watching are Masteel & Onastel.

Masteel may have broken to the upside of its bearish "wedge" at the RM1.65 level.


Chart: Masteel's weekly chart as at December 31 (courtesy of Quickcharts)

Onastel is a tad slower than the other steel stocks and, as such, it may be a relatively safer bet. Nevertheless, this stock has yet to break above its short-term downtrend line at the RM1.50. A break above RM1.50 could signal the continuation of its prior uptrend.


Chart: Onastel's weekly chart as at December 31 (courtesy of Quickcharts)