It looks like the steel (here represented by SLX, i.e. its ETF) is moving down. It has bounced of resistance with doji-like bars (so no motion upwards). Consider shorting now and taking profit at the support.
SLX Absolute 030617
SLX Relative 123016
SLX Absolute 123016
Esta en una pocision clave que debe definir, el desenlace del borde inferior del canal alcista daria la pauta para definir long.short
1st-time price closed above 200-DMA since 2014 and price may start resting here before it breaks out upside. Today's bearish candle is warning us and be vigilant and protect your profit.
Steel ETF ( Daily ). Potential Bounce.
Elliot Wave 5. Retracement potential.
RSI bullish divergence.