$X Remained Bearish targeting 8-7.5 Short started from 14As expected $X keep falling after forming tops at 14.5 . we can see all indicators are oversold but no signs of reversal move yet . if we found good volumes comes IN between 7.5-7 then we can check for long opportunity otherwise still showing negativity and short is better opportunity .. check previous analysis for further details while it was at 14
0LJ9 trade ideas
US Steel reports smaller loss than expected U.S. Steel (NYSE:X) +6.2% after-hours after reporting a smaller than expected Q4 loss and saying it expects improving results this year following Q1.
Q4 revenue fell 23% Y/Y to $2.82B from $3.69B; flat-rolled shipments fell 8% to 2.52M net tons at an average realized price of $699/ton vs. $823/ton in the prior-year quarter, and tubular shipments slid 10% to 193K tons at an average realize price of $1,298/ton vs. $1,488/ton a year earlier.
But U.S. Steel expects Q1 will be "the trough for the year due to the normal seasonality of our mining operations and lower shipments in Flat-rolled as the company prepares for the April blast furnace outage at Gary Works."
Source seekingalpha
United States Steel Earnings not as bad as expectedU.S. Steel (NYSE:X) +6.2% after-hours after reporting a smaller than expected Q4 loss and saying it expects improving results this year following Q1.
Q4 revenue fell 23% Y/Y to $2.82B from $3.69B; flat-rolled shipments fell 8% to 2.52M net tons at an average realized price of $699/ton vs. $823/ton in the prior-year quarter, and tubular shipments slid 10% to 193K tons at an average realize price of $1,298/ton vs. $1,488/ton a year earlier.
But U.S. Steel expects Q1 will be "the trough for the year due to the normal seasonality of our mining operations and lower shipments in Flat-rolled as the company prepares for the April blast furnace outage at Gary Works."
United States Steel Corp. engages in the manufacturing and selling of steel products. It operates through the following business segments: Flat-Rolled Products, U.S. Steel Europe, and Tubular Products. The Flat-Rolled Products segment includes managing steel plants and production facilities that manufactures steel slabs, rounds, strip mill plates, sheets, tin mill, iron ore, and coke. The U.S. Steel Europe segment offers producing and marketsing strip mill plates, spiral welded pipe, heating radiators, refractory ceramic materials. The Tubular Products segment involves in manufacturing and trading seamless and electric resistance welded steel casing and tubing. line pipe, and mechanical tubing. The company was founded in 1901 by Andrew Carnegie, John Pierpont Morgan, Charles Michael Schwab and Elbert Henry Gary and is headquartered in Pittsburgh, PA.
$X Possible deep Bearish Goal at 7-7.5 and double tops at 14This stock keep falling and recent bounce did not attract high volume . perhaps the decline will continue and nearest target at 11.5 but this pattern suggest break down previous bottom and drop up to 1.62 fibo which is near by 7.5 which will huge decline from current price almost half of it.. let see . stoploss for this idea is to break up double tops at 14 and current price at 13.12 .. not far away..
X - revisitedIt's been about a month now since X fell out of the uptrend channel that looked so promising. During this time it has (so far) held several prior bottoms and appears to be constructively adding to its extended basing formation. Still like this non momentum play to make some significant gains going forward. Like all cycles its hard to pick the exact spot that the turn will occur but if you buy here and set your stop loss at the $9.93 low, I see a good risk reward play. MACD and RSI starting to look favorable again. Stock is still in the show me phase but with expectations very low any "good news" could put this right back in the channel and on its way back to $16. I believe a lot of the infrastructure here and abroad will need to expand and be redone to usher in the next 10 years of this century and population growth. $1.8 billion dollar market cap. APPL adds ten times that amount to its market cap daily. Just saying.
X - This Stock Looks Dead! (Or is it?) Part 4 (last one)Ok , if you've followed along with the charts to this point we can talk about the wonderful possibility of our 2nd chance to load
up again on this stock. If you don't own any stock, be patient, we will see lower prices. But not just yet.
Looking at the chart we see what appears to be 3 waves up and now X is making a small triangle wave 4 pattern.
This usually happens before the final wave 5 move up. Possibly as high as the "high?" label.
At that point some kind of news will probably come up and disappoint investors. Traders will begin dumping the stock,
and everybody will feel like "Oh crap! Not again!" as the stock collapses downward again.
I've seen this happen so many times, I just simply expect it. Not a surprise. Plan for it.
There will be a retracement. Only this time we will be ready as the stock comes down to the buy line.
Obviously, I just forecast some possible moves into the future as shown with the blue harmonic pattern.
Nobody knows exactly the high price, but plan on another "Bad News" panic again right after the high is put in.
Only this time, price will not fall lower than the previous low near where we bought.
In Fact, I'll look for a nice strong up day to sell my shares... looking for the 5th wave high soon.
Then Short , and retrace price down to target buy line.
Then we'll buy!
Long term BUY
US Steel could pop on USMCA newsNews of the pending approval of the USMCA trade deal has been somewhat eclipsed by news of the signing of the Phase 1 China trade deal. However, the reality is that the USMCA deal has larger implications than the China deal, since we do a lot more trade with Canda and Mexico than with China. One sector affected by the deal is the U.S. steel industry, because the deal closes loopholes that foreign steelmakers have used to bypass steel tariffs when selling to U.S. manufacturers. That could give steelmaker stocks like X and AKS a nice bump when the media breaks the news of the deal passing in the Senate.
However, any bump in steel stocks may be short-term, because the loophole closure is scheduled to take 7 years to go into effect. So I suggest treating this as a quick scalp play, at least until the U.S. manufacturing sector starts to recover.
X Long SetupI'm going to risk 1/20 of my account and I'm not going to use a stoploss. Which means i only risk 5% of my capital only if X goes down to zero. However this is still a great risk reward trade. But again i never risk more than 5% of any trades. This can take weeks if not months. This is not trading but investing.
Disclaimer: This is not financial or investment advice.
Trade safe, invest safe...
Atilla Yurtseven
OPENING: X APRIL 17TH 14 SHORT CALL... for a .37 credit. Scratch at 7.43; delta/theta 48.52/1.07, extrinsic of .81, cost basis of 14.57 if assigned on the 22 short put.
Notes: A continuation of a trade (See Post Below) I've been working to get into a state where I'm not hugely underwater from a cost basis standpoint if I get assigned on the 22 short put, which is the most likely outcome of this. Naturally, if I can exit profitably before assignment, I'll do that.
X - 2020 Rebound!X is one of the most beat up names of 2019. It touched resistance today for a moment and settled up after a few days of groping for a bottom at FIB support. I suspect that a lot of selling has been tax loss related and now that the new year is here we should see renewed buying interest in X in 2020. Have some work to do after the disappointing press release that shaved $3 plus dollars off the stock. Looking for this to attack $16 in the next couple months. Management has already pre-announced soft results setting the bar very low. Any upside surprises on the next earnings report should give the stock a chance of getting there. Patience.
X - DAILY CHART Hi, today we are going to talk about United States Steel and its current landscape.
United States Steel is poised to receive increasing attention from the market as relevant events are taking place. The company is walking through a though end of the year as had unveiled that will close its mill near to Detroit, slashing more than 1,500 workers due to financial losses, the company also issued that is cutting its dividend from $0.05 per share to $0.01. Concerning news for United States Steel investors that now see company struggling to keep up amid a context of less economic protectionism as Trump and Xi negotiators walk towards a deal.
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What I Have Long-Hated About The Stock Market1st: We have No Control over what "They" do!
2nd: IF you don't get OUT before "They" pull-the-plug = You Suffer!
Today's Example = X
*(I don't own it)
What if you went into work, and the Boss cut your pay by -11%
Would you say: "WTF?"
Or, just work -11% less?
X = Good News!Stock is on sale today for the holidays 11% off. I have watched and written ideas on this stock for a long time. My underlying theme is patience. The news that they were idling a plant and laying off workers is consistent with management's story over the last six months. From a chart perspective we held above the first breakout level and I think that's significant as it filled a gap that makes sense. Hang in their and look at this is a time to add to or initiate positions. Forest through the trees. The underlying message I took from the press release was that they were working on their strategy to improve the efficiency of the company and provide shareholder value. Long term position for me.
X - so much potential here!X's price action continues to impress me. It has picked off three levels of resistance and is walking up a defined channel to attack the fourth which is a very key level. Because of the significance of this level current price level has taken longer to prepare for next move. Moving averages behaving nicely with 50 crossing 100 and seeking out the 200 soon. This stock is the anti market and trade resolution is a good thing for steel. Out of favor for years and recently broke thru a long standing downtrend (see other reviews of X that I have done). Be patient with this one but I think it's setting up to attack $16 after all the year end tax loss selling is over. I think 2020 is the year of X. Again, stay patient.