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MTL - Mechel Open - Proves To Be A Profitable Investment For Subscribers
By Geoff Green | April 10, 2008
MTL - Mechel Open, a steel company headquarted in Russia appeared on our best stock picks list on April 1st 2008 when subscribers were apprised of a stock market trend analysis and trading strategy that was transitioning from bearish to bullish.
Here is a short summary of the company:
Mechel Open, (MTL) Mechel OAO, an open joint stock company, through its subsidiaries, operates as a mining and steel company. The company engages in the production and sale of coking and steam coal concentrate, steam coal, iron ore concentrate, and ferronickel that are used in the production of steel. It also produces semi-finished steel products; carbon and specialty long products; carbon and stainless flat products; value-added downstream metal products, including hardware, forgings, and stampings; and coke and coking products. As of January 1, 2007, the company had proven and probable reserves of approximately 281.8 million tones of coal; 61.4 million tones of iron; 13.0 million tones of nickel ore; and 23.9 million tones of limestone. It operates in Russia, other Common Wealth of Independent States, Europe, Asia, and the Middle East. The company was incorporated in 2003 and is headquartered in Moscow, Russia.
Astute stock market investors could have seen on the chart that prices were being supported by several support structures.
For example, prices at that time were resting on both the 50 day moving average and the lower Bollinger band. This price level was also a strong support level that was created in early Feb.
In addition the MACD indicator was accelerating upwards in a stock market that was showing intermediate trend strength.
This was a great investment in an ideal stock market timing environment.
Investors who took positions in early April are now boasting profits in the area of 20% in two weeks - that is an annual rate of 520% a year!
Were is MTL going from here? My guess is its going up!
If you own this stock congratulations!
If you are interested in recommendations on stock market trend analysis, market timing and our best stock picks that includes profitable investments like MTL, just enter your contact information in the right margin.
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Written by Geoff Green, at http://www.profitable-investing.com/ Copyright 2008.
Topics: Selected Stocks, Stock Analysis, lessons, stock analysis lessons, support levels, technical analysis |
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April 11th, 2008 at 4:39 pm
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