Zeus (ZEUS) Chart Analysis 082006

The monthly chart shows topping action and a sell pattern forming (not complete and confirmed until end of August). We are currently trading below prior resistance and LIS. Old resistance becomes new support -- support appears to be broken here.

Weekly chart confirms the monthly short bias. We have just broken an uptrend line, fallen through important LIS, and trading below 34ema.

Daily chart shows that there might be s/t support forming, and a retracement from current lows is possible. We are trading around the 200sma currently, but have fallen through the daily 34ema as well as the 89sma. I will be looking for a sell trigger at a higher price. A short here will be higher risk and lower reward.

This is Dr. Pasternak's Short Trade Call for this week:

Dr. Pasternak's Best Short Trade for the Week of August 21, 2006...
STOCK: Olympic Steel (ZEUS, $28.66)
QUANTITY: 50 shares
SELL ON STOP AT: $27.89 (Good until cancelled)
LIMIT: $27.69TARGET: $20.05
STOP LOSS: $34.55