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It appears Steel has reached an area of overhead resistance and at a quick glance one may assume it's ready for a break after temporary sector distortions due to covid and supply issues that plagued many sectors. We also know there are pressures from "cost inflation" as well that plague mines, as well as builders but it seems too early to tell if price will turn...
A lot of support below (green rectangle)
After that break, price pushed to new highs and now it is pulling back.
Ideally we see a retest of previous resistance as support, or if we can see any sort of bull flag and break also validates the idea
X (United States Steel Corporation) stock price has double-topped below $38.57. Bearish momentum (MACD) has down-crossed on a daily time frame.
Entry (short): $37.25
Profit Target +12% (exit): $32.76
Stop Loss -6% (exit): $39.49
Utilize stop loss, profit targets, position sizing, and risk management.
Note: Many stocks and ETFs have already rallied up for the...
The earnings. The chart. The retracement. Lordy. Who though US Steel would be one of the best performing stocks this year? Not me. Seeing Gary IN on the other side of Lake Michigan always terrified me, as it does with every other Chicagoan. But now apparently the symbol of American rust and decline is making a resurgence. Pig iron demand has the furnaces blazing...
Yesterday we are seeing improvement KLSE steel sectors... Can it go up further ?
Well take a look at comparison between USSteel and AnnJoo.. Generally their movement having high correlation.
KLSE Steel Counters are lagging as compared to their cousins from US.
In March 2003, X was $10/share roughly. It then went to $190+ over the next 5 years before topping June 2008. I think we are in a multi-year cycle similar to that. You will look back on these prices in many of these materials, metals, energy, and other stocks and wished you had gotten in. However, even though the idea of a new commodity super cycle is fascinating...
chart-art shows POSSIBLE uptrend , green trend-line means bullish . Over the red ma can_be 🐂, & under will be bearish Short to midterm .
~~N0 arrows. ~~ N0T trading Advise either +dyor pls.
From God’s point of view and knowledge, the current area is considered to determine the direction of the stop, for example, when buying, the close is in the 45m candle, and the stop is below the area and vice versa.
Breakout Trading for long-term investment opportunity.
Expecting the breakout trend on coming weeks once it happens it will reach minimum 70$ then 85 $ Target
Happy Trading!!!
jk it looks like its about to get rejected heavy at orange, but if it doenst itll run to $46 at blue and then i have levels marked higher up on this chart they are just not in view yet, but if we get there youll know
Strong trend. Can serve as the "higher TF" for smaller TF trades.
POI's:
Steel broke out from downtrend
POC is supporting the main uptrend.
If already long on the daily. TP at $46.50, the highest price reached by previous peeks
The anchored vwap is shown below - a close-up of the trend.
Have not chosen a trade/plan yet. Hope this is useful as the "raw...
![X: 20/4/2022 NYSE [X]](https://s3.tradingview.com/s/SWdTJXqE_mid.png "20/4/2022 NYSE [X]")
