Materials stocks attracted strong buying support thanks to a weaker dollar. Shares of Ternium SA (TX) advanced more than 2% on above the daily average volume to 41.03. This is bullish from a technical perspective. In fact, as the chart below indicated, TX could climb above 54 and test the 127.2% Fibonacci extension of the 2008 to 2010 major upswing after the downward trend halted. Just so that you know, initially profiled in our July 31, 2009 “Swing Trader Bulletin” TX had gained more than 106% and remained well position.
Chart 1.1 – Ternium SA (daily)
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