Steelcase Shows Strong Support

Shares of Steelcase (SCS), which manufactures and distributes office furniture and workstation products, have successfully retested an important intersection of technical support.

The weekly chart shows the stock price coming off the 2009 low and moving higher over the next two years in a broadening range. A double top formed in 2011, followed by the 50-day moving average crossing below the 200-day average, and price breaking below a five-month support line. Penetration of the two-year uptrend line quickly followed, and the stock, like the broader market, spent the last half of that year consolidating in an ascending triangle formation....313 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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