Closing in on SupportOversold indicators, price nearing support. Watching for a turn in the 34.38 or 33.44 area. Upon pivoting, must stay above support on the close to turn this into a buy.
XUSS trade ideas
X bullish butterfly pattern long opportunityIt's hard to believe that it's the 1st idea that I post for this X, as it's my best name of all time in terms of trading.
It still has great volatility, but it didn't really have many daily chart trades that are in line with my demonstrating system on TradingView.
Finally after it's earning report, it got a potential bullish butterfly pattern, around 29.30, and nice reversal signs are crucial for this trade.
If it can reach 29.30, the important 30.00 fig breakdown had already happened.
Let's see how it goes!
$X US Steel - Head & Shoulders$X US Steel - Confirmed head & shoulders . Downside to mid-20s in the near term.
Good Long potential for X short term tradeIn the past , it has tested the trend line multiple time.
It's a good long entry these few days.
Stochastic 15 and 30 mins have shown buying signal. Still waiting for hourly and maybe 4hours buy signal.
SL 29.27
Target : I think easily $38 and above.
Let me know what you guys thought.
Will Steel Bounce Back? Head & Shoulder Swing Alert Uncertainty of Trade Tariffs Dampen USS Steel Company "X"
1. USS Steel was performing very well until it reached resistance/52 week high of $47.64... From here we have seen a big drop in price... plenty of which came from the negative Trump Tariff news, and the additional 100 billion president trump plans on tacking on to those tarifss.
2. Since X top at $47.64 it has pulled all the way back to the low $33's here is has found support, and by looking at the chart you can see this was a previous support level.
3. What is unique about the the current support level is it maps out what we call and almost picture perfect head and shoulders pattern.
4. Right now we are with out a doubt in a head and shoulders pattern on "X", Head and shoulders patterns are a Bearish pattern, but before they turn full grizzly bear, they usually see a little mini bull run up to resistance. Resistance in this case is what we call the left shoulder of the Head and Shoulders pattern.
5. If trade war politics settles for a bit, and we see some green days in the market place we should see "X" have a little recovery within a few days to a week!
Conclusion :
United States Steel is currently in a bearish head and shoulders pattern. X still has to perform the right shoulder of the pattern.... since the right shoulder has not yet happened there is still room to get in for a swing trade/long position. Surprisingly the pattern has not yet taken off because the fear of trade wars still lingers in the news. If there was not such a negative catalyst in the news that directly affects steel company's we would have most likely already missed the chance to get in long on "X".... This also concerns me that the long biased trade has not fully taken off. One way to combat these uncertain times is to scale back in share size, and add small shares at time as trend stays valid.
X huge week ahead2 steel stocks report this week. We will be getting the revised forward guidance for sector hitting markets this week. High odds rally time.
X iron ore futures getting killed in the over night sessionNo reason to think at all X is done going down.
X - LongUnited steel could go on long run supported by united state tariff on steel imports, and chart shows a clear breakout + EMA50 & MA200 positively crossed, breaking down the red line @40.50$ invalidate the expected movement.
GL,
48.20 CALL( TAKES DEEP BREATH* ) Price should bounce nicely off that mini 50% FIB level to complete its course to the -61.8% fib extension of the original main trend line - 50% FIB bounce..... (EXHALES)
