X - holding the May low

Whilst the main market closed broadly higher, there was more powerful strength in US Steel (X), settling 3.2% at $20.80. Near term outlook does threaten some weakness, but the May low of $18.55 looks comfortably secure. First soft upside target is the $24.00 threshold.


X, daily

X, monthly

Summary

US Steel was one of the key 'Trump trades', effectively doubling up from Nov'2016. Yet... most of those same stocks were subsequently ground all the way back to where they started.

Near term outlook is choppy, leaning weak.. not least as the main market looks moderately vulnerable.

First soft upside target is the $24.00 threshold. Things really only turn bullish with a break back above multiple aspects of resistance.. not least the 200dma. For clarity, the bulls need to see >$28.00.
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*same outlook applies to AKS.