inverse hammer chart pattern on higher open above 22.50...

inverse hammer chart pattern on higher open above 22.50 resistance pivot
opened 47c higher than the prior close
now near daily lows as top got sold down with long 36c neck 10c tail
daily chart an inverted V

3rd wave low of 21.30 looks to have held so its a higher low and breaks the bearish pattern of lower lows.
IOP higher SP higher so positive correlation finally

With IOP at 199 and costs 13 its a FCF divy machine
They have to pay down debt not increase it and build that refinery & start into non-IO steel commodities as feed to the future refinery so they can make their own steel and complete the vertical integration loop & cut out china refining all together & boost returns.

"Stainless steels are steels containing at least 10.5% chromium, less than 1.2% carbon and other alloying elements. Stainless steel's corrosion resistance and mechanical properties can be further enhanced by adding other elements, such as nickel, molybdenum, titanium, niobium, manganese, etc"

This zigzag 20-23 looks set to continue until the IO trend clarifies & the poisonous junk bond debt remains over us$4B and a net debt position continues imho.

PAY DOWN THE DEBT!
BUILD THE REFINERY
BUILD UP A SUPPLY OF STEEL METALS
imho.