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ETF Sector Relative Strength Corner: Mining Group to Shine

by | Sep 15, 2021

Metals and Mining (XME) is looking ready to break out of a 3 month trendline as it flags below the 45 level recently. A solid trend in the first half of 2021 paused this summer as it consolidated back towards its YTD VWAP. Since then has moved back higher and now looks poised to see new highs in the coming months. Positive stacked EMA’s and a move above monthly value over 45 is a bullish signal. The top weighting in the group is AA Alcoa which has already run to new 52 week highs but likely continues. Looking deeper into the sector for relative strength potential going forward shows FCX, X, CLF, and NUE as nice risk/reward setups coming out of downtrends or support bounces. XME doesn’t see a lot of options activity but in August a $1M opening put sale for March 45 puts showing confidence at that price level. US Steel (X), Alcoa (AA) saw fresh bullish options activity on Wednesday in longer term positioning.

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