Farmers Face Coming Shortage

Rally for Steel Prices?

 

After a huge rally out of the coronavirus crash low, steel prices peaked this summer but have been in consolidation mode ever since.

As you can see in the chart above, the Steel ETF (SLX) has been narrowing of late and may soon break higher or lower.

Bulls are hoping the blue breakout line (that once was resistance) now holds as support. And all this may soon be coming to a head at (1).

What SLX does next should provide a clue to the next big move in inflation or lack of inflation for a while. Will steel act like Superman and head higher once more?

Retirement Day Trader - eBook

Sign up for our Newsletter & get the FREE eBook
Retirement Day Trader:
How to Sell Weekly Options for Steady Income

  • This field is for validation purposes and should be left unchanged.

If SLX breaks out to the upside, look for it to challenge its old highs around $67, which is a large percent above current levels!

 

Originally Posted by Kimble Charting