Steel ETF Hits Resistance with Bearish Engulfing and Harami

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

The Steel ETF (SLX) is running into stiff resistance just above 75 with a bearish engulfing two weeks ago and a potentially bearish harami today. After a gap and long white candlestick on Tuesday, the stock moved sharply lower today with a long black candlestick. Today's body (open-close) is within the body of the white candlestick, which makes this a harami. A move below 73 would fill the gap and confirm the harami.

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Arthur Hill
About The Author:

Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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