Is anyone else watching the Steel Sector? $X $AKS

Sat Jul 9, 2016 8:26am EST 5

Back on February 13, 2016 I did a big write on my blog regarding the bullish patterns within the XME sector and that it looked like it was bottoming. On March 6th of 2016 I updated the post saying that XME had acquired it’s upside target and that I took my profits and would wait for the next bullish setup to arrive. (i.e I would rotate out and into something else that was moving).

On February 20th, I did similar analysis by looking withing XME and noticing that the Steel Sector was showing signs of life. I did a quick post “Is it crazy to think Steel is bottoming?”

In last week’s journal, I had 7 things that struck me as I review the post Brexit charts.

#2 was
“Many of the sectors that broke bottomed first in Feb and led us higher, are now seeing continuation price action patterns (cup/handle breakouts)”

It is that theme that has me long the XME ETF and looking within it now for some beta. In doing so I can’t help but to look at the steel names once again. All poised for their next move potentially higher.

Here are a few charts worth watching in the metals and steel space.

First the SECTOR CHART