Thursday, 19 January 2017

X - still a big bull flag

Whilst the main market saw moderate price chop, there was significant weakness in US Steel (X), which settled -4.9% @ $33.21. The swing lower was due to renewed chatter about possible oversupply in the steel market. Broadly though.. price action is bullish, and structure is still a big bull flag.

X, daily

X, monthly


Suffice to add.. price action in X remains very volatile.

Broadly though.. price structure is one big bull flag.. that will be provisionally confirmed with a break into the $36s next week. Things turn extremely bullish with a monthly close >$40.

*next earnings... Jan'31st.