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Is Steel About To Man Up?

Published 06/23/2014, 01:31 PM
Updated 07/09/2023, 06:31 AM

 Market Vectors Steel ETF Vs. U.S. Steel

The chart below reflects that steel related investments have performed poorly over the past three years, when compared to the S&P 500. As you can see, the Steel ETF (ARCA:SLX) is lagging the S&P by almost 80% over the past three years.

Is an opportunity at hand?

Steel Vs. The S&P 500

The top chart reflects that SLX and United States Steel (NYSE:X) could be breaking out from steep falling resistance if they would happen to rally a little more. SLX may have created a bullish inverse head-and- shoulders and could be about to break the neckline.

Will Steel 'man up' and break resistance?

Stay tuned. A breakout could be bullish after doing so poorly for the past three years.

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