Wednesday, 26 July 2017

X - superb earnings

Whilst the main market closed moderately mixed, there was significant strength in US Steel (X), which settled +7.2% at $26.20, the best close since April 25th. Short term - choppy/weak, but mid term is extremely bullish. Next big target, the 200dma in the $28s. A grander move to $40 is viable by year end.

X daily

X monthly


*I'll refrain from covering the earnings... the data is out there, not least via the corp' site.

Recently, X achieved a few daily closes above gap resistance of the $24.00 threshold.

Earnings were unquestionably good, and the stock is already approaching the key 200dma. A monthly close above $28 will offer another grand challenge to attain a monthly close above multi-year resistance of the $40 threshold.

Any monthly closes >$40 will offer hyper-upside to at least $60.00.

I recognise that is a very long way up, but just reflect upon that X climbed from $6.04 in Jan'2016 to $40.69 in March 2017.

*today's settling black-fail candle at resistance is short term bearish, but still, its a powerful net daily gain, fully justified on good earnings.

Broader outlook: Powerfully bullish into 2018.