4USX1 trade ideas
$X - US Steel - LongThesis
Long US Steel
The name has been showing strength lately along with several other US Steel and infrastructure related names.
Confirmations:
1. Higher highs on Day chart
2. Higher high on Week chart
3. Above 8 Day EMA
4. Above 21 Day EMA
Contradictions:
1. The price is currently below resistance so this may be an obstacle to price moving higher. If the price breaks above resistance, expect the resistance line to become support during a move higher.
Trade:
Long $X
Related Trade:
Long $AKS
X ,right shoulderX has 80% possibility to go down. see the chart. it will go to touch the bottom which generated at 2016/1, this down trend will until 2018/1
Limited risk opportunity to sell $XNegative RSI divergence on the hourly and lower time frames after today's monster rally up. Also weak volume so far today. Long wicked candle at longterm channel/flag resistance. If we go above the high of today $26.32 I would cover around there OR if we close above the channel.
It appears that $X has a history of these huge rally's into the resistance, then dumping back down to the lower channel support.
Long on U.S. SteelI bought this one back in May at $23.63 when there was the huge drop. It dipped lower and looks like it has recovered and we are on the move to the upside.
I am looking at adding in a call option, potentially to $28 or $29. Will update if I do that.
I hold long term positions for 1+ years and re-evaluate actively.
Happy Investing!
XUgly end to this week, but as expected the breakout failed by EOW. Every attempt higher since 18.54 was followed by a pullback to .61-.78 and so was this one. Not sure yet if this can resume higher to close the gap around 30, but it may do so or come down to test 18.54. Fundamentals seem mixed and sentiment is suddenly negative despite positive ER. This may present some interesting longer term buying opportunities - on watch.
X, uptrend. reversal and breakoutI think X is looking great. broke out on Tuesday. pulled back today with kind of low volume for a long candle. I am expecting a reversal tomorrow, and a break out afterwards. Let me know what do you think. Good Luck
Short PutVolatility in $X is still up yet from earnings.
Sept 15 $23 puts @ .64. 2.78% ROC in 51 days, possibly sooner if we get some drawn out quickly.
$XBreakout to a high of $24.10 Thursday, Friday great short back to $23.20 (i sold off 50% position at $23.97 - should have sold and shorted) Let's see what happens Monday. I think momentum takes us to $24 shortly before earnings. $23.20 has to hold early next week or we're back to $22.50 or lower. Lot's of upside, good short term support but be careful of earnings. Could blast off to $28+
Short term bullish XNice bounce from resistance today. I see riding to test resistance. If breakout past $24 roll to $28.
X Reaching Bottom of ChannelBasically X is in a bullish channel, confirmed by the retest on 6/15/17 as support. On 7/6/17 X closed below the channels midpoint, which should have warned investors of a possible lower day on 7/7/17, which did happen. The weekly MACD is still at the crossroads and bearish volume seems to be waning, with bearish volume the being the lowest since 12/26/17 (weekly).
May reach the top of the channel again around 7/21/17 with a $23.8x price target, which equals a 14% potential gain as of the time of this writing.
