Don't Ignore This Chart!

A Cup-with-Handle for SLX


After a big advance from March to June, the Market Vectors Steel ETF (SLX) formed a classic cup-with-handle pattern. This is a bullish continuation pattern that would be confirmed with a break above rim resistance. Conversely, a break below the August lows would call for a reassessment.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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