Are Steel Prices On Cusp of a Major Breakout?

Over the past several months, we’ve shared a lot of commodities charts and highlighted the economic theme of inflation.

Well, inflation is here. Now it’s a matter of figuring out if it will get worse.

One commodity that is an inflationary indicator is Steel. We highlighted its bullish formation several times, including our latest update on the Steel ETF (SLX) from early March.

Well, SLX is inching even closer to a major price breakout. As you can see on today’s chart, Steel is attempting a breakout at (1). And this comes after a near-perfect breakout and retest of the green line.

If price continues higher, it may be a warning sign that inflation is here to stay. Stay tuned!

$SLX Steel ETF Price Chart

steel price etf forecast higher trading breakout chart

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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