Monday, 13 February 2017

X - reflective of the R2K

Whilst US equities started the week on a very bullish note, there was particular strength in US Steel (X), which saw another powerful push upward, settling +5.6% at $39.71. The bigger issue is whether a monthly close >$40 occurs in Feb, March, April, or not until May. Which ever it turns out to be... grander upside to $60 now looks due.

X, daily

X, monthly


Suffice to add... yours truly still likes US Steel.

Price action/structure is arguably similar to the R2K index. After around two months of chop, with the move above the Dec'2016 high, we have FULL confirmation of the giant bull flag.

If you believe X has a high chance of reaching $60 - whether late 2017 or not until 2018... what should occur to you, are the bullish implications for the broader equity market.