X - big bull flag

Whilst the main market was in minor chop mode, those was very significant upside in US Steel (X),which settled higher by a rather powerful 8.3% @ $34.93. Price structure since early December is a very clear bull flag, that will be provisionally confirmed with any price action in the $37s.


X, daily

X, monthly

Summary

Suffice to add... that IS a big bull flag, right? Having ramped from the $17s in early Nov' to the $39s, X has seen around 6 weeks of choppy weakness.

We have a floor around the 50dma of $31.80.

A monthly close >$40 will offer a straight run to $60 within 9-15mths. That might seem overly bullish, but then... I'd merely suggest anyone reflect on the past few months of broad strength.

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*earnings due: Tue' Jan'31st.