VANECK STEEL ETF (SLX) Stock Technical Analysis
NYSEARCA:SLX • US92189F2056
We assign a technical rating of 10 out of 10 to SLX. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, SLX is showing a nice and steady performance.
- The long and short term trends are both positive. This is looking good!
- Looking at the yearly performance, SLX did better than 89% of all other stocks. We also observe that the gains produced by SLX over the past year are nicely spread over this period.
- SLX is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
- In the last month SLX has a been trading in the 92.92 - 103.00 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
SLX has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 98.37, a Stop Loss order could be placed below this zone.
More info and screens
82.08
2 important support areas can be observed.
- A support zone ranging from 95.91 to 98.37. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Support @82.91 from a trend line in the daily time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for SLX is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for SLX is up. |
| ChartMill Relative Strength | 89.51 | POSITIVE | SLX has a high relative strength, it outperformed 89.51% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of SLX is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of SLX is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of SLX is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 58.68 | NEUTRAL | The RSI value for SLX is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.35 | NEGATIVE | The MACD value suggests SLX has a negative trend. |
| Stochastics (14,3) | 53.65 | NEUTRAL | The Stochastics value for SLX is a neutral value. |
| Average True Range in percent/ATR (20) | 2.29 | MEDIUM VOLATILITY | The ATR as a percentage value for SLX suggests some volalility. |
| Average Directional Index/ADX (14) | 42.16 | POSITIVE | The high ADX value value for SLX suggests a strong trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 98.96 | 95.90 | 3.06 (3.09%) | 25.00% |
| An entry @98.95. This is a Buy Stop order right above the 10 day moving average. | An exit @95.90. This is a Stop Loss order right below the support zone. | The trade has a worst case loss of 3.06 points, which is 3.09%. | For a 0.77% total portfolio risk, you can invest 25.00% of your capital in this trade. |
- The distance between exit and entry is rather small compared to the average daily movement of SLX. Please evaluate whether better entry and exit points can be found.
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
98.38
-0.27 (-0.27%)
VANECK STEEL ETF / SLX FAQ
What is the technical rating for SLX stock?
ChartMill assigns a technical rating of 10 / 10 to SLX.
What is the current trend direction of VANECK STEEL ETF (SLX) stock?
The current trend direction for VANECK STEEL ETF (SLX) is Bullish.
What is the RSI signal for VANECK STEEL ETF (SLX) stock?
VANECK STEEL ETF (SLX) has an RSI value of 58.6772. This indicates that the stock is currently neutral.
Can you provide the short term momentum for VANECK STEEL ETF?
The short term momentum for VANECK STEEL ETF (SLX) is positive.
Can you provide the support and resistance levels for VANECK STEEL ETF?
VANECK STEEL ETF (SLX) has a support level at 98.37. Check the full technical report for our detailed analysis of SLX support and resistance levels.