Long Position on ZEUS @ $42.50 on 1/27/2023 (Momentum)
Olympic Steel, Inc. (ZEUS) processes, distributes, and storage metal products in the United States and internationally. 
It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products.
The Carbon Flat Products segment sells and distributes processed carbon and coated flat-rolled sheets, coil and plate products, and fabricated parts.
The Specialty Metals Flat Products segment sells and distributes processed aluminum and stainless flat-rolled sheets and coil products, flat bar products, and fabricated parts, as well as stainless steel and aluminum plates, sheets, angles, rounds, flat bars, tubing and pipe, and prime tin mill products.
The Tubular and Pipe Products segment distributes metal tubing products, pipes, bars, valves and fittings, and fabricated pressure parts.
Shares have formed a bullish "
cup and handle" and are expected to move higher from this formation going into the earnings on February 9th.
On November 3rd, ZEUS reported 3rd Quarter September 2022 earnings of $1.14 per share on revenue of $634.4 million. The consensus earnings estimate was $0.93 per share on revenue of $647.8 million.
- Entry Point: $42.50
- Trading Range: $20.20 to $44.24
- Stop Loss: $40.00
- Target Price: $47.00
Position closed on 2/3/2023 at price of $48.05 with a 13.06% gain in 6 days.
