US Steel looking dangerousUS Steel ($X) showing bear divergence.. doesn't look good IMO.. We'll see.
USX1 trade ideas
X - make or breakDouble top breakout or breakdown. At major multi year resistance area. Lots of charts in equities look like this at the moment
#X $X #long #stockOn the daily scale X looks good. all indicators look good. price continues to build on higher highs and lower lows. I also like that big dip prior to earnings. You want minor pullbacks that do not break the over all trend. Minor pullbacks demonstrate price sustainability.
another thought about this stock stock. steel prices have been doing well this year. That trend will continue so long as the world economy continues to grow. I would also add there are two key events on the horizon for this stock. First, US and chinese trade negotiations are scheduled to meet next week to discuss chinese steel practices. Second, President Trump has vowed to place tariffs on chinese steel. Both could provide catalyst that could boost this stock.
weekly
The weekly is a mixed bag. The MACD looks good. stoch rsi could go either way at this point. while it is pointing down, it has crossed. OBV is rising, but not not a spectacular rate.
Monthly
X looks good on the monthly. indicators are supportive. But what i really want you to notice is the little green curl on the right side of the chart. If you look at stocks that go parabolic they always form that little curl. Sometimes they breakout, some times they don't. Either way look for the little green curl.
Break Out or Break Down ?!Indecisive for the moment, either :
1) Break out of the yearly downtrend channel is true
You can see there :
2) False Break out + Risk of Break Down
You can see a nice raising wedge on the daily chart + It justs hit hard the bollinger bands + oversold condition
==> Have to wait Thurday for the confirmation probably.
Do you have an opinion ;) ?
New High After CorrectionThe correction has been completed and the rise was impressive. This is a good sign for more.
Short But CautionHi guys. Based on my short trading experience I'm humbly making a short call but with caution. Reason: looking too simple to trade. Where is the catch? Have a nice day and I'll post again soon.
Inverse head & shoulders - waiting on confirmationLikely inverse head and shoulders on the weekly. will next Wednesdays earnings give us the volume needed for confirming breakout? 2018 PT $63
$X - What will earnings bring next week?In a little over the past 3 years X has seen highs and lows and in the process is making this huge cup and handle pattern, going into its earnings next week. Earnings will determine its direction for the most part but based on the overall economy and the border wall and need for steel, it might just be getting started.
If after earnings it stays in this narrow range of $38-$40, it should lead upwards.
US Steel meets resistanceUS Steel currently tests a long term trendline acting as resistance. This could lead to a short term correction, but the uptrend remains intact.
To enter new long position, first wait for the price to clear the resistance (at closing prices).
When holding long position you could take short term profit, and wait for a pullback to re-enter a long position.
I would not enter short positions here.
