Indecision Creeps into the Steel ETF

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

The Steel ETF (SLX) surged above its mid October high with a big move on Monday, but turned indecisive on Tuesday and Wednesday. Notice how Tuesday's candlestick was completely within the range of Monday's. The pattern here is a Harami. This indecision extended as Wednesday's range was again contained within Monday's range. Consider it a double Harami. This is currently indecision within an uptrend. Watch support at 48 a change of mind.

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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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