$x $aks US steel looks good-Potential for lower prices before it breaks above this descending pattern. I was bearish on X above 46. I didn't think it would come this far down but some special could be in the works.. It could go RIPPING higher but I would not blink if it dropped to 5 or 6 per share again. Bear chart from 2018:
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x - hidden bear playing out (after hours drop!)- let's get more cheap.
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and daily stoch/rsi- this trend will break at some point and it will be bullish.
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I'm mostly positioned long but hedged with some put options to cushion a potential further drop.. These bottoms are going to be hard to time perfectly- we could see prices sub 8 in my opinion. I would love for it to drop down there over the next few months.. That would be a super deal
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I've updated my trendlines a smidge.. This looks like a good strange point. I'm very long X with some 2021 expiry calls but a put hedge looks smart in my opinion.. it could tank or soar..
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*strangle, not strange
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this almost looks bearish but I'm not counting on that if you know what I mean.. This could rocket straight up into earnings. Hold fast
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US steel is now looking SO SO good to me. I'm looking at previous bottoming patterns where the volume skyrocketed. We're there now. We can easily have more downside but this is a major buy in my opinion.. a real rare opportunity. This is an ugly chart because my trend lines were meant for candlesticks but the thing that's important is the volume trend. Price crashes down volume goes parabolic.. I've never seen this much volume in X.. as price moves up, the volume will trend a little higher, plateau, and slowly descend while price moves up.. it's looking better than ever in my opinion.