I exited MTL today for an acceptable sized loss. It’s not difficult to guess where I exited. My stop was placed just under the 50 day moving average.
I’ve been asked if I now think MTL is a short play, since it has broke below support. I definately will not short at the moment. This is only a price breakdown. Volume was weak on the move below support. This suggests a recovery could take place. In fact, if price mounts today’s bar on good volume (closing above 52.50) the stock would again become a long play.