China Precision Steel Inc fka CPSL

[hope2retire]

China Precision Steel (NASDAQ:CPSL) traded in a range yesterday that spanned from a low of $1.51 to a high of $1.81. Yesterday, the shares gained 14.84%, which took the trading range above the 3-day high of $1.55 on volume of 1.3 million shares.

Shares of China Precision Steel are currently trading above their 50-day moving average (MA) of $1.49 and should find resistance at their 200-day MA of $1.87. Look for these MAs to provide support for a short-term pullback in the shares.

SmarTrend is bullish on shares of China Precision Steel and our subscribers were alerted to Buy on July 28, 2010 at $1.63. The stock has risen 9.2% since the alert was issued.

SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $1.55 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Steel & Iron industry.