X - Permabear loves US Steel

Whilst the main market saw a day of minor chop, there was a powerful rebound in US Steel (X), which settled +11.2% @ $34.85. With the daily close above the $34.00 resistance and the 50dma, near term outlook is bullish. Price structure itself remains a big bull flag, confirmed with any price action >$35.50.


X, daily

X, monthly

Summary

I'll note first... this is one stomach churning stock to be meddling in (as I currently am). The intraday action is wild, with the stock typically twitching 1-2% every few hours.

Today's upgrade by BoA/Merrill Lync really helped to re-inspire sentiment after a rather bizarre post earnings washout.

see: https://www.fool.com/investing/2017/02/02/us-steel-stock-upgraded-what-you-need-to-know.aspx
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The post election rally saw X hyper-ramp... effectively doubling from the $17s to 39s. Since then, price action has been choppy downside... whilst price structure is a clear bull flag.

Any monthly close >$40... would offer broader upside to $60 by late 2017/spring 2018. If correct, the implications for the broader market are rather profound.
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Yours... made the call recently.