On the hourly chart, the trend started on May 11 (linear regression channel).
There is a high probability of profit. A possible take profit level is 24.20
But do not forget about SL = 20.60
Good luck!
Regards, WeBelieveInTrading
Head and shoulders playing out here .
The right shoulder is bear flagging
Entry - below 23.40
Stop loss 24.00
1st target - 22.06 gap close
2nd target - 18.96 gap close
X is breaking the resistance and when it moves up, it breaks one more resistance.
Looks like it might reach $35 and even reach new all time highs.
Double bottom in play.
NYSE:X
Long over 26.50..
Target 28.50
Stop loss 26.00
.sitting right below 21ema and fibonacci resistance...
Double bottom will play out if we break over.
Long term, I think a major right shoulder is building for a H&S bearish setup that will take x back to mid teens
Pretty straightforward setup that might come up on X. Reason why I like the trade:
1. The asset has a multi-month market structure of printing higher highs and higher lows.
2. It is obeying retracement levels fairly well
3. EMA 50 is acting as support
4. We have a local, naked point of control for support
5. We have a confluence of retracement levels including...
Drop with most commodity sensitive stocks on friday.
30$ resistance is tough. We closed Friday on 28 fib support. If we lose support X could correct to 25$
Keep in mind the 50sma at 27.20 high chance it dead cat there but if it closes below that 50 sma things will drop quickly.
A higher dollar doesn't help commodities either
Looking at the X United States Steel options chain ahead of earnings , I would buy the $29 strike price Calls with
2023-2-3 expiration date for about
$0.83 premium.
If the options turn out to be profitable Before the earnings release, I would sell at least 50%.
Looking forward to read your opinion about it.
The rally from July 22 is corrective in nature taking a form of a zigzag. The rally as retraced .618 fib of the impulsive decline. The rally is in its final stages and the decline will resume taking the market is lows beyond the jult 22 low. The market still remains the final arbiter.
X pullback to supporting trendline around 25.50.
From there we'll see if it bounces for one last leg higher before earnings . Really large bearish rising wedge showing here and on the RSI
Metal sector XME isn't supporting a leg higher then 30
Looks good here for a long , SL below $23-$20 depending on your risk. Will take about 1 year or more to double your money but slow gains are a nice balance.
Crazy rally since OCT lows..
Coming up on Resistance around 27.50
Overbought on 1and 2hour.. I'll be looking to go short around 27.25
Target 25.45 or trendline support...b
Getting tight inside this pennant, direction will chosen soon. 30% move either way
