USX1 trade ideas
X - as good as it can be$X has left the local train station, first bus stop around 26bucks, Grand Central around $32.50; enjoy your ride
US Steel (X), upward momentum testing for breakoutUS Steel,
Previously noted as a range bound trade.
It nearly full-spanned the previous range, so good for one
trade. All previous positives still remain in place.
Good OBV breakout now, vs. 4 previous tests at this
level, RSI and Fisher also still point north and respected
the previous uptrend support levels. It could breakdown north,
has stronger volume on this move up. Has China or US turned
the corner? Or do we setup for a bull trap against the
160/200 MA, or long-trend down slope ~@$21 level, then back
down to $17 level.
XSYM TRI inside a Descending Wedge. Pipe Bottom and pinched BBs. Looks ready to move. A break out right here has a mm of 22.97ish
US Steel - Range Bound OpportunityStill a dog, but a trade none the less. Long term I don't think is has found the bottom, and for-sure has not turned it around, but short term, a nice way to pick up 10 to 15% over a month period.
*Nice range bounding trading opportunity (albeit declining)
*You've got good volatility, with a nice strong bottom (albeit declining)
*stuck in a declining wedge pattern.
it is heading down again, look for a place to engage
OBV has a near-term breakout, still in long-term decline
Fisher has nice positive bottom
RSI and RVGI can try to indicate and entry point (watch to see if they hold), or if it tumbles for new lows
I think 16.50 to 15.50 is the entry range if the indicators hold with a 17 to $18 top end.
Also, if you're a long-term dollar cost average kind of guy, this 16.50 to 15.50 range is a good point to keep collecting. This dog will have its day,....some day.
