X - strong gains for US Steel

Whilst the main market closed broadly higher, there was particular strength in US Steel (X), which settled +4.6% at $22.57. Near term outlook offers some cooling - along with the main market, but an eventual move to at least the $24.00 threshold is due in July. Things turn bullish for the mid term >$28.


X, daily

X, monthly

Summary

If main market has another wave lower in the near term (as seems probable), X will surely at least be pinned back to some extent.

Broadly though, the US market remains super strong, and X should trade to the lower end of the big price gap by mid July.

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Something of note today, July $24 call buyers in X

Its interesting that the call buyers were choosing the $24 strike, which is my first soft target.

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I like US Steel for the mid term, but the more cautious bulls will simply wait for a few daily closes back above the 200dma, currently at $27.85.