The Steel ETF (SLX) traced out a double top with two relatively equal highs this year. The intermittent low formed in March to mark key support for this pattern. SLX closed right at this low on Friday for an important test. A break below this level would confirm the double top and target a move to 59-60 area.
Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. 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
