Monday, 5 June 2017

X - holding the key low

Whilst the main market settled moderately weak, there was notable strength across the day in US Steel (X), which settled +3.7% at $21.01. The May 18th low of $18.55, is more secure with each day. First soft upside target is the $24.00 threshold.

X, daily

X, monthly


It has been a horrific few months for US Steel, with the stock imploding from a Feb'21st high of $41.73, to a May 18th low of $18.55.. a monstrous drop of -55.5%.

There are many reasons, not least that the market has whacked many of the 'Trump trades' lower across the spring.

Mid term outlook is bullish. However, the 'cautious' will wait for a break back above the 200dma... around the $28.00 threshold. Of course, that is a very significant amount higher. The bold will simply be long, with a tight stop... no lower than $18.55.