US Steel (X) Breakout Underway After Bull Flag BreakUS Steel ($X) breakout underway after a few days of consolidation near the bottom of the bull flag. Initial resistance is sparse until $30.
USX1 trade ideas
US Steel (X) Approaching End of Bull Flag - Potential BreakoutUS 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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X on the way (again) to $30Such a beautiful parallel channel for X. Excelent entry point today with a PT of $30
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
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Is United States Steel Corp doing an Iron Man?Demand for steel is surging, so are its prices, so might the price for United States Steel Corp. The price is already in an uptrend and could at least reach the area around 29$
Bullflag XThe amount of Building permits giving by the U.S government for the month of April is release tomorrow 5/18. That info could be the catalyst if good to help the bull flag breakout. If it does breakout 30 is the target. if there is a rejection , a trip back to the trendline around 24$ is in store
Uptrend ContinuationStop @ 22, the uptrend remains strong Pullbacks is still possible. Target 34
Morgan Stanley analyst Carlos de Alba upgraded X to Buy from Hold in a Monday report, raising his target for the stock price to $32 a share from $24.
Technical analysis is just Astrology for traders .. Good Luck
not best of breedsucker is overbought, ready to fall, let's be honest nobody wants to be in this name forever, conviction is weak, not even the largest producer in the U.S., this thing is just a trade ...and that trade is about to unwind for this time wave...
no position yet, rolling into a 126 May 28 PUT if it catches a bid tomorrow
Summer Play #3- Golden cross on MACD
- Finding support on the RSI right around 60 like many times in the past before a run up
2x Possible
Steel Bullish for the weekResistance has been broken.
The fundamentals are in favor of more steel production.
XUnited States Steel (NYSE:X) Nice breakout on strong volume. There is a good chance the stock will continue to move up next week.
X (US Steel)- Good Probability Follow thru on Weekly Bars/DemandDemand getting stronger
Weekly follow through likely
$X United States Steel Pre Earnings TA
Much loved and very rewarding stock to trade in 2020/21 and with President Bidens push for huge infrastructure spending it will surely be a winner long term,
but as earnings are today how do we play it. ?
The stock has traded very technically and we could say is within a large Pennant formation right now , we have clear downtrend resistance and uptrend support.
If we break to the upside $26 & $30 are major PT's but we may see a touch on the lower trendline first.
We will not be carrying stock into earnings , rather wait and see do we buy the breakout or buy the decline if it happens.
X 22/21 Put Credit SpreadTechnical Confirmation: Strong reversal on X Daily chart provided technical confirmation that we are heading back up.
Execution: 22/21 put spread for this weeks expiry. 10% RoR (return on Risk)
Posted this after entering trade.
FISH HOOK PATTERN ALERT on steel XOn the 15 min chart, IMO, X seems to have found its support right along that 21.18 level. The TTM indicator is Squeezing suggesting that volatility is preparing to make an aggressive move to either the upside of downside. The previous high was just recently tested, although price was rejected, price still maintains a bullish trend. The stochastic still has room to the upside, & The RSI is 45, and its posture indicates potential upside making this a nice fish hook pattern, this is more of a scalping opportunity. btw the sniper indicator just fired a buy shot.
