VanEck Steel ETF (SLX) - 6th November 2023 | @ 78 Days | - 1.7%
Last trade: - 1.7% | 'B' class signal detected in the VanEck Steel ETF (SLX). Running at an average wavelength of 78 days over 13 iterations since April 2021. Currently moving up.
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
Here we have the prominent wave around 78 days in this popular proxy for steel prices. Analogous to the excellent component in copper of a similar wavelength, this wave has very likely troughed in line with the aforementioned metal and slightly earlier than phased at the last report. Indeed the move has been so bullish it almost demands a short term pullback from a smaller component. At the current wavelength the component is due to peak around the start of December.
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: Sell - VanEck Steel ETF (SLX) 2nd October 2023
Entry: 2nd October 2023 @ 64.54
Exit: 3rd November 2023 @ 65.64
Gain: - 1.7%
Current Signal Status
Defining characteristics of the component detected over the sample period.
Time Frequency Analysis
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