Is Steel About To Breakdown And Send Bearish Economic Message?

August 20, 2019 Bob Weir Kimble Charts, Technical Pundits

The U.S. steel ETF, SLX, has been range-bound for the past three years, as shown in the chart below. However, perhaps because of Trump’s tariffs, SLX has declined consistently over the past year, and is now testing the bottom of that trading range. Breaking below might be seen as having negative consequences for the economy.

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About Bob Weir 329 Articles

Bob Weir has over 50 years of investment research and analytical experience in both the equity and fixed-income sectors, and in the commercial real estate industry. He joined eResearch in 2004 and was its President, CEO, and Managing Director, Research Services until December 2018. Prior to joining eResearch, Bob was at Dominion Bond Rating Service (DBRS).