SLX may peak around the $69 to $79 price zone by 2023-08, then decline to the $51 to $61 price zone for the 2023 bottom. The end of 2023 may see a return to the $61 to $71 price zone. Please share your charts in the comments section below. I would really like to see more SLX forecasts for 2023.
Steel has been contracting and is ripe for a huge move. This is a long term trade 3 months to a Year. Look for steel stocks like NASDAQ:STLD NYSE:CLF NYSE:NUE This is from studying other minerals which have broken out for Huge moves. 80% plus on average. If you leverage your position. You can squeeze a 120% return from a 80% move. Coal led by NYSE:AMR ...
70.00 price mark is the resistance point and it has been hit in March 2022, March 2023 and most recently in July this year. I will join the SELL party and aim to take profit at the 55-56 price mark. Who's coming to the party ?
Zigzag looks done. Can either get ETF or look for strongest stocks in this sector Weekly RSI and Composite Moving Averages are sloping up Goal is about 2.5R (3.5ATR(21EMA)). Risk is about 1.5ATR Risk management is the most important.
Steel has been on a rip. New 52 week highs in: STLD steel 999 sctr rating SLX steel 996 sctr rating ZEUS steel 974 sctr rating (see stockcharts.com for definition of sctr rating). Barchart has a strong buy on the ETF, with acknowledgement that reopening China is good for business. But before I would jump on the FOMO bandwagon, I would take note of the very...
Possible Bull flag that has not broken upper trendline. Flags are neutral until a trendline is broken. Commodities are volatile and long entry price can be very important. There is a small gap under price. My mental stop is below that gap. This is an ETF but represents a commodity. SLX - VanEck Vectors Steel ETF No recommendation. A person may not like...
1 candle = 1 month. Which shows us a 10 year down-trend which is about to be tested. If we break R1, R2 is the next potential move. Since early november we haven't broken the 10sma, which can be used to exit half your position. Fundamentally speaking, it appears the market is expecting the stimulus bill which might come in the next months, and will most likely...
Technical Analysis We have a breakout on strong intraday volume (200% above 10-day average). RSI @67 - still not overbought. OBV has been supportive. Because we are in a longer down-trend, we will see multiple resistance; which will very helpful to set your limits. Risk reward ratio is great, using $32.3 as stop-limit loss, and $39 as a sell-exit. Be...
I expect a steep rise in steel companies. The SLX vaneck vector ETF (steel) is ahead of nearly 66%. The figure shows that a fractal repetition begins to form. Therefore, the SLX exchange rate may be facing a steady rise in the coming months.
Still looking good here, pushing up some more from the wedge.
Not as much buy volume as i would like to see with this wedge break, let's see what happens?
Could be a possible bounce from here.
AMEX:SLX BUY SLX on Flag and bullish Twin Tower
We closed the week back testing the range break. I initiated a short in X Friday. I am careful chasing after crowded trades these days and the Tariff sectors are very crowded. I also want to mention news out that GM cutting production of their Cruze. Low demand. That is an initial red flag auto sales in general might be sluggish.
Bounced off of the 200 day SMA.
Hey Guys, Gonna make this very quick. Steel is looking ridiculous right now. It broke out of its logarithmic resistance (extremely hard thing to do, took around 8 years), is at a daily resistance right now of around 51.60, and has fantastic potential to jump up to 57.00-58.00 MINIMUM, 76.00 being Aggressive. That doesn't even include the new tariff Trump put in...
a deeper summer correction could negate this scenario, but probably not for to long