Steel Update

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Steel appears to be on the way to confirming a new daily cycle.

slx

The daily steel cycle peaked last week on day 24. It then formed a swing high and began its daily cycle decline. Steel printed its lowest point on Wednesday, day 28. Steel formed a swing low on Thursday. Steel is delivering a clear and convincing break above the declining trend line on Friday to confirm the new daily cycle. It also appears that steel will close above the upper daily cycle band. Steel is currently in a daily uptrend. It will continue in its daily uptrend until it closes below the lower daily cycle band.

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