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Friday, March 29, 2024

Steel Breakout?

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.


The second chart below reflects that steel-related investments have performed poorly over the past three years when compared to the S&P 500. As you can see, the Steel ETF is lagging the S&P by almost 80% over the past three years.

Is an opportunity at hand?

The first chart below illustrates that the steel ETF (SLX) and U.S. Steel (X) could be breaking out from steep falling resistance. It just needs to rally a little more. SLX may have created a bullish inverse head & shoulders and could be about to break the neckline.

Will Steel “man up” and break resistance? Stay tuned! A breakout could be bullish after doing so poorly for the past three years.

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For information about Kimble Charting Solutions, send an email to services@kimblechartingsolutions.com.

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