SLX Steel ETF Monthly view. Be aware of strong seasonality
Steel has been on a rip. New 52 week highs in:
STLD steel 999 sctr rating
SLX steel 996 sctr rating
ZEUS steel 974 sctr rating
(see stockcharts.com for definition of sctr rating).
Barchart has a strong buy on the ETF, with acknowledgement that reopening China is good for business. But before I would jump on the FOMO bandwagon, I would take note of the very strong seasonal downtrend that has occurred around every May. Ride it a little longer maybe but be ready to hop off the train.
STLD steel 999 sctr rating
SLX steel 996 sctr rating
ZEUS steel 974 sctr rating
(see stockcharts.com for definition of sctr rating).
Barchart has a strong buy on the ETF, with acknowledgement that reopening China is good for business. But before I would jump on the FOMO bandwagon, I would take note of the very strong seasonal downtrend that has occurred around every May. Ride it a little longer maybe but be ready to hop off the train.