STEEL LONGSteel 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 c
Key stats
About VanEck Steel ETF
Home page
Inception date
Oct 10, 2006
Structure
Open-Ended Fund
Dividend treatment
Distributes
Distribution tax treatment
Qualified dividends
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
Van Eck Associates Corp.
Distributor
Van Eck Securities Corp.
SLX is one available global steel ETF targeting not only steel producers but also the companies that service and supply them, giving it exposure to industries outside the scope of its benchmark. The fund will normally invest at least 80% of its total assets in companies involved in this particular sector, which may include small- and midcap companies as well as foreign and emerging market issuers. Reviewed quarterly, the index is market-cap-weighted while taking into account the following adjustments: (i) individual component weights may not account for more than 20% of the total index value and (ii) the aggregate weight of such components individually representing more than 5% of the total index value may not account for more than 50% of the same.
Classification
What's in the fund
Exposure type
Non-Energy Minerals
Stock breakdown by region
SLX Steel ETF Monthly view. Be aware of strong seasonalitySteel 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
ABC BullishPossible 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 - VanEc
Steel long-term fate1 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 stimu
Undervalued Steel BreakoutTechnical 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, us
See all ideas
Summarizing what the indicators are suggesting.
Oscillators
Neutral
SellBuy
Strong sellStrong buy
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Oscillators
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Displays a symbol's price movements over previous years to identify recurring trends.