X trying to carve out an inverted h & s bottom.
Looks like X has scrapped the bottom and is stabilizing. Notes on chart itself.
This support line is extremely important for the bulls to hold. If a breakdown happens expect this stock to go much further down. Also the RSI is indicating strong bearish momentum. Futhermore, acccording to Wall Street Journal this company is being impacted by low demand for steel, and facing intense competition from low-cost foreign producers and top of all...
Entry - $21.33 Stop Loss - $20.50 Target - $23.00
X nearing it's 2009 low. A very dangerous sign.
There are several indicators that are bullish. For example, MACD, Fisher 34, and MA 200,100. Fundamentals; finance.yahoo.com (Closed Loss) on 21.49 on 2013-02-22.
200 MA could provide support but watch out below if it doesn't
The 25 level is an important one for X. I am short with a stop at 25. A close with strength above 25 will shift me from short to long. I think it will have to test 25 a few times before breaking above. This could give good opportunities to trade it between 22-25.