Steel ETF Forms Piercing Pattern at Key Level
The Steel ETF (SLX) is perking up after a pullback to support. First, notice how broken resistance in the 46.5-47 area turned into support and held in November and December. With the January test, the ETF formed a piercing pattern on Tuesday and confirmed this candlestick reversal with another gain on Wednesday. The indicator window shows the Stochastic Oscillator turning up from oversold levels.
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Steel ETF Forms Piercing Pattern at Key Level
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