How the (SLX) price action is used to our Advantage
January 22, 2024, 05:28 am ET, BY Harold S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for SLX
- Buy SLX slightly over 64.12 target 68.6 stop loss @ 63.93 Details
The technical summary data tells us to buy SLX near 64.12 with an upside target of 68.6. This data also tells us to set a stop loss @ 63.93 to protect against excessive loss in case the stock begins to move against the trade. 64.12 is the first level of support below 68.48 , and by rule, any test of support is a buy signal. In this case, support 64.12 would be being tested, so a buy signal would exist.
- Short SLX slightly under 68.6, target 64.12, stop loss @ 68.8 Details
The technical summary data is suggesting a short of SLX as it gets near 68.6 with a downside target of 64.12. We should have a stop loss in place at 68.8though. 68.6 is the first level of resistance above 68.48, and by rule, any test of resistance is a short signal. In this case, if resistance 68.6 is being tested, so a short signal would exist.
Swing Trading Plans for SLX
- Buy SLX slightly over 68.6, target 73.04, Stop Loss @ 68.4 Details
If 68.6 begins to break higher, the technical summary data tells us to buy SLX just slightly over 68.6, with an upside target of 73.04. The data also tells us to set a stop loss @ 68.4 in case the stock turns against the trade. 68.6 is the first level of resistance above 68.48, and by rule, any break above resistance is a buy signal. In this case, 68.6, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short SLX slightly near 68.6, target 67.99, Stop Loss @ 68.8. Details
The technical summary data is suggesting a short of SLX if it tests 68.6 with a downside target of 67.99. We should have a stop loss in place at 68.8 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 68.6, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Day Trading Plans for SLX
- Buy SLX slightly over 68.6, target 73.04, Stop Loss @ 68.44 Details
If 68.6 begins to break higher, the technical summary data tells us to buy SLX just slightly over 68.6, with an upside target of 73.04. The data also tells us to set a stop loss @ 68.44 in case the stock turns against the trade. 68.6 is the first level of resistance above 68.48, and by rule, any break above resistance is a buy signal. In this case, 68.6, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short SLX slightly near 68.6, target 68.11, Stop Loss @ 68.76. Details
The technical summary data is suggesting a short of SLX if it tests 68.6 with a downside target of 68.11. We should have a stop loss in place at 68.76 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 68.6, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Check the time stamp on this data. Updated AI-Generated Signals for Vaneck Steel Etf (SLX) available here: SLX.
SLX Ratings for January 22:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Weak |
Weak |
Neutral |
| P1 |
0 |
0 |
64.12 |
| P2 |
67.12 |
66.99 |
68.6 |
| P3 |
68.11 |
67.99 |
73.04 |
AI Generated Signals for SLX
Blue = Current Price
Red= Resistance
Green = Support
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Our job as #investors is to pay attention to the #stocks we own. Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Vaneck Steel Etf (NYSE: SLX) data table below can help you with price action, and we have more details too. Trading plans for SLX are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for SLX:
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