US Steel ended the month of February on a significantly weak note, settling -1.1% at $43.51, but that still resulted in a powerful net monthly gain of 16.5%. The monthly settlement above $40.00 is technically profoundly important, and bodes for a grander run to at least $60 (with intermediate psy'$50). Mid/long term bullish implications for the broader market .
Suffice to add, X is one of my three key signal stocks, that I highlighted in my outlook for 2018.
Early 2017 saw a failed attempt to achieve a monthly settlement >40, that failure saw the stock then implode to the $18s. The recovery since May 2017 has seen US Steel push to the $46s, partly helped via 'tariff chatter'.
The February settlement above $40.00 is profoundly important, not just for US Steel itself, nor sister stocks like MT, NUE, or AKS, but for the broader equity market.
I recognise some will disagree with that extrapolation, but X isn't the only stock I'm using to help project the broader market.
Recent earnings were good, and the outlook is superb. Bullish US Steel.