VanEck Steel ETF (SLX) - 3rd November 2023 | @ 281 Days | + 10.87%
Last trade: + 10.87% | 'B' class signal detected in VanEck Steel ETF (SLX). Running at an average wavelength of 281 days over 11 iterations since October 2015. Currently peaking
The VanEck Steel ETF (SLX) is an exchange-traded fund that aims to replicate the performance of the global steel industry. SLX provides investors with exposure to well-established steel companies worldwide, including prominent entities such as Nucor Corporation, Steel Dynamics Inc., POSCO, and ArcelorMittal.
ΣL Cycle Summary
This relatively well behaved, long term component in SLX has been improving in terms of stationarity since the low in 2020. Recently exemplary in the period July 2021 to now, as a result of a strong bullish underlying trend flattening out, it appears to be a reliable and profitable wave. The very recent spike up, as we write this report, is due to the shorter term component, around 78 days, making it’s trough late October. The report on that component is coming up in the next few days, for interested readers.
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous post for this instrument, linked below.
Type: Early Buy - SLX 2nd June 2023
Entry: 2nd June 2023 @ 59.79
Exit: 3rd November 2023 @ 66.29
Current Signal Status
Defining characteristics of the component detected over the sample period.
Time Frequency Analysis
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