Metallico Inc (MEA) scores high volume breakout - breakout targets to $ 23.50

Metallico Inc (MEA) is a recycler that is enjoying rising margins and pricing power as scrap is in demand in the U.S. and overseas, mainly India and the Middle East.  Scrap metal recycling remains robust, mainly because of strong demand from steel mills.  In fact just yesterday MEA scored a new FusionIQ timing BUY signal.  While short-term shares may be extended and in need of a pullback its point and figure target of $ 23.50 (coupled with its FusionIQ master rank of 80 and 89 technical score) suggests that pullbacks will offer investors a good entry from a risk / reward basis.


Comments
Jfman12 said:

MEA has been a screamer - it is also a high ranked IBD name - I think 23.00 is probably a low target

Posted at April 19, 2008 11:46 AM
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