Like many other ETFs and stocks, the Steel ETF (SLX) has been range bound since the early August breakdown. The ETF plunged to 50 in early August and then moved into a trading range the last five weeks. Watch the range boundaries for the next directional clue.
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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.
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