Wednesday, 18 January 2017

X - big bull flag

Whilst the main market was in minor chop mode, those was very significant upside in US Steel (X),which settled higher by a rather powerful 8.3% @ $34.93. Price structure since early December is a very clear bull flag, that will be provisionally confirmed with any price action in the $37s.

X, daily

X, monthly


Suffice to add... that IS a big bull flag, right? Having ramped from the $17s in early Nov' to the $39s, X has seen around 6 weeks of choppy weakness.

We have a floor around the 50dma of $31.80.

A monthly close >$40 will offer a straight run to $60 within 9-15mths. That might seem overly bullish, but then... I'd merely suggest anyone reflect on the past few months of broad strength.

*earnings due: Tue' Jan'31st.