Don't Ignore This Chart!

Indecision Creeps into the Steel ETF


The Steel ETF (SLX) surged above its mid October high with a big move on Monday, but turned indecisive on Tuesday and Wednesday. Notice how Tuesday's candlestick was completely within the range of Monday's. The pattern here is a Harami. This indecision extended as Wednesday's range was again contained within Monday's range. Consider it a double Harami. This is currently indecision within an uptrend. Watch support at 48 a change of mind.

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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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