US Steel Corp (X) base formation
Nice base pattern. Volume two days ago on the price breakout at $29 sets up a measured move to higher levels.
Risk: 3 pts risk (3 x's average daily range of roughly $1)
Reward: Upside potential of $3-$4 up to $32-$33 area.
Today's weaker than expected GDP results barely dented US Steel Corp's stock price. I like that the bad news helped "X" return to its breakout support level to provide the rest of us a chance to buy shares at the breakout price that I personally missed the other day. Keep an eye on Bonds, if bonds rally sharply then this stock will likely fade. So, really, a long position in "X" is a short position in long term US Gov't Bonds, in my opinion.
By: Technical Tim, Friday, Jan 27, 2012, 11:37AM EST 29.11 last
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.