Mechel Steel (MTL) NewsBite - MTL Downgraded By Citigroup

Posted: Monday, November 17, 2008 1:59 PM EDT

Mechel Steel (MTL) was downgraded today by analysts at Citigroup and the stock is now at $5.60, down $0.20 (-3.45%) on volume of 1,362,508 shares traded. The brokerage downgraded the stock to "Sell" from "Hold." Over the last 52 weeks the stock has ranged from a low of $3.77 to a high of $58.66. stock has been showing support around $5.14 and resistance in the $7.02 range. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for MTL. If you are looking for a hedged play on MTL the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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