GTI Graftech International – Graphite Stock With Bullish ABC Chart Pattern

by Olivier on January 13, 2014

Quick trade idea post highlighting GTI – Graftech International a graphite play. GTI is a slow mover but is displaying a bullish ABC pattern that is worth playing as the stock is starting to break out to the upside. In a few days we will now if the thrusting move leading into the consolidation pattern is resuming. If that’s the case the first price target should be around 13.50 which would coincide with the lower boundary of the gap from roughly 2 years ago. The ABC pattern price target is around 14.00. Ultimately the stock could close the gap. Too early to tell.

Click on chart to enlarge:

Company description from Yahoo finance:

GrafTech International Ltd. manufactures and sells graphite and carbon-based solutions. It operates in two segments, Industrial Materials and Engineered Solutions. The Industrial Materials segment manufactures and delivers graphite electrodes, which are used to produce steel and other non-ferrous metals; carbon, semi-graphitic, and graphite refractory hearth linings for blast and submerged arc furnaces that are used to produce iron and ferro alloys; and petroleum needle coke, a crystalline form of carbon used in the production of graphite electrodes. The Engineered Solutions segment provides electronics technology products, such as electronic thermal management solutions, fuel cell components, and sealing materials; graphite materials, such as extruded, molded, and isomolded graphite blocks used in the transportation, alternative energy, metallurgical, chemical, oil and gas exploration, and various other industries; and composite materials, which are engineered carbon products to support the aerospace and defense industries. It also offers materials, which comprise synthetic graphite powders, natural flake graphite powders, coke powders, and various other carbon/graphite powder derivatives for various markets, including industrial lubricants, hot metal forming lubricants, conductive polymer fillers and energy storage requirements. The company distributes its products through direct sales force, independent sales representatives, and distributors in North and South America, Africa, Europe, the Middle East, and Asia. GrafTech International Ltd. was founded in 1886 and is headquartered in Parma, Ohio.

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