By: Scott Redler
Over the last couple of months, we have traded Rino International (RINO) many times. It is a hot stock, in a hot sector, in a hot country. The company “engages in designing, manufacturing, installing, and servicing wastewater treatment and flue gas desulphurization equipment principally for use in iron and steel industry in the People’s Republic of China.” With steel demand and prices on the rise yet again (Look no farther than U.S. Steel (X) for a clear sign of this), and with momentum Chinese stocks catching fire, this stock looks particularly good.
RINO has setup with numerous technical patterns recently, allowing for various different approaches to trade executions. The last setup occurred about a week ago, at a price of $30.40-30.60 on the break of its mini downtrend line. Once again, this stock looks setup for a breakout buy through the $32.40-32.60 area with a target an initial target of $35 and secondary target of new highs.
