Steer Technologies Inc (STEEF)

[foxi]

Watching this tomorrow for start of possible run to 200h average at $2.50

9h MA is close to crossing 20h MA from below, then a potential cross of the 50h MA maybe Monday. RSI is squeezed, MACD half period (0.5h) is green, MACD full period (1h) is nearly at crossover, MACD double period (2h) is close enough for a quick crossover. Bollinger Bandwidth is very low with lots of headroom, so a new bear or bull trend could quickly gain strength.



If it runs, I expect it'll stall around $2.50 and get caught in that symmetric triangle, then come back down for either a breakdown or another bounce.

The chart setup looks good enough it could also go past $2.50, depending if it's already been bouncing in a symmetric triangle since 9/1 from the top left end of that redline. In that scenario, yesterday's low could have been inflection 4 of the usual 5, where 5 often breaks out of the triangle on the opposite side.

I tend to interpret it as first entering the triangle at the bottom redline, which counting the inflections would make the current one 3, a run to $2.50 #4, and a breakdown to $1.25 #5 for a bearish continuation breakdown into the lower pennies.


Either way, if it starts to run tomorrow it looks to be a decent swing trade! :) Thoughts?