Long Position on CMC @ $53.00 on 7/10/2023 (Momentum)

Commercial Metals Company (CMC) manufactures, recycles, and fabricates steel and metal products, and related materials and services. 

The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.

It also manufactures and sells finished long steel products, including reinforcing bar, merchant bar, light structural, and other special sections, as well as semi-finished billets for rerolling and forging applications.

In addition, the company provides fabricated steel products used to reinforce concrete primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums, and dams; sells and rents construction-related products and equipment to concrete installers and other businesses; and manufactures and sells strength bars for the truck trailer industry, special bar steels for the energy market, and armor plates for military vehicles.

Shares have formed a bullish "flag" following its latest quarterly report. Higher share prices are expecyed. On June 22nd, CMC reported 3rd Quarter May 2023 earnings of $2.02 per share on revenue of $2.3 billion. The consensus earnings estimate was $1.84 per share on revenue of $2.3 billion. 

Entry Point: $53.00

Stop Loss: $50.00

Trading Range: $32.92 to $58.09

Target Price: $58.30

Position closed on 8/8/2023 at price of $56.71 with a 7.00% gain in 28 days.

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