US Steel (X) Approaching End of Bull Flag - Potential Breakout
Updated
US Steel (X) has been on an uptrend for months now as it rides the reflation trade theme. In this uptrend, new highs have been followed frequently by periods of consolidation and clean bull flags. As price falls back toward the longer-term rising trendline, the bull flag is broken and X enjoys a rally. While past performance is not indicative of future results, the fundamental and technical picture of X look encouraging.
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Note
And after a few days of consolidation near the bottom of the bull flag, we have a bona fide breakout to the topside. Resistance is rather sparse and the longer-term level to watch is the recent high around $30.
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