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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 is lagging the S&P by almost 80% over the past three years.
Is an opportunity at hand?
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The top chart reflects that the steel ETF (SLX) and U.S. Steel (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 & 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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