Basic Materials Sector Sinking to Intraday Lows
The Basic Materials Sector is the weakest performing area of the market in today's session, currently down 0.3% on the day.
The weakest performing stocks in the S&P Basic Materials Sector currently are:
1) CF Industries (NYSE: CF): Shares of CF Industries are currently trading down 4% from yesterday's close to $136.66. The stock has broken below its 50-day simple moving average (one year daily chart) in today's session. A double top formation has taken shape on a one year daily chart. A test of support at $132.82 appears likely.
2) AK Steel (NYSE: AKS): Shares of AK Steel are currently trading down 2% from yesterday's close to $14.03. A bearish double top formation has taken shape on a one year daily chart. A test of support at $13.79 appears likely.
3) Cliffs Natural Resources (NYSE: CLF): Shares of Cliffs Natural Resources are currently trading down 1.5% from yesterday's close to $80.73. The stock has broken below its 200-day simple moving average (one year daily chart) in today's session.
4) Nucor (NYSE: NUE): Shares of Nucor are currently trading down 0.8% from yesterday's close to $39.15. The stock's 50-day simple moving average is close to crossing below its 200-day simple moving average (one year daily chart), which is a bearish technical indicator known as the “Death Cross.”
5) United States Steel (NYSE: X): Shares of United States Steel are currently trading down 0.9% from yesterday's close to $41.30. The stock is looking to test critical support at $41. A break of that level could see a sharp move down to the $37 area.
Strength in the Sector: The following stocks are currently posting gains despite overall sector weakness:
1) Sigma-Alrich (NASDAQ: SIAL): Shares of Sigma-Alrich are currently trading up 0.6% from yesterday's close to $66.64.
2) Avery Dennison (NYSE: AVY): Shares of Avery Dennison are currently trading up 0.5% from yesterday's close to $36.52.
3) FMC (NYSE: FMC): Shares of FMC are currently trading up 0.5% from yesterday's close to $49.64.
