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by Darius Anucauskas

Could US Steel Corp Stock Attract More Buying Interest Soon?

Looking at the technical picture of the US Steel Corporation stock (NYSE: X), it had been drifting lower from around the beginning of March, 2018. But after finding support near the 10-dollar mark in the beginning of October, the share price started picking up investor interest again and is now testing its key resistance area between the 13.62 and 13.78 levels. In order to start examining higher levels, a break of the above-discussed resistance area is needed, hence why we will stay cautiously-bullish for now.

As mentioned above, a push above the 13.78 hurdle could clear the path to the 14.86 zone, which marks the lows of July 29th and 30th. The stock might stall there initially, but if the buying remains strong, a break of that zone could lift X to the 15.86 level, marked by the highest point of July. Around there, the price might also test the 200-day EMA, which could provide additional resistance.

Our oscillators, the RSI and the MACD, both seem to be in support of the above-mentioned scenario. The RSI is above 50 and points to the upside. The MACD is also pointing higher, while sitting above zero and its trigger line.

Alternatively, if the price doesn’t make a run for the upside, but instead, reverses lower and drops back below the 12.82 area, marked by low of this week, this might spook potential new investors from the game for a while. The stock could then drift to the 11.43 obstacle, a break of which might set the stage for a test of the 10.27 hurdle, or the 9.92 level, marked by the lows of October 17th and 9th respectively.  

US Steel Corp daily

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