United States Steel Corporation (NYSE:X) fell by -4.07% in Thursday’s trading session from $26.67 to $25.59. The price has been moving in both directions for this period, and there has been a -4.71% loss over 10-day period. Volume has increased in Thursday’s trading session by 8.29 million shares, but on a weak note. This is may be an early warning and the risk will be increased slightly for the next couple of days. In total, 15.07 M shares exchanged hands for about $385.54 million.
Inside X’s Recent Trend
United States Steel Corporation (X) is at the bottom end of a wide and vertical trend in a short period of time, and this is generally seen as a very good entry point. A break down through the resistance trend line at $24.85 will initially suggest a lower tendency for gains in the price and this might very well be an early sign that a trend shift is coming. Short-term traders are predicted to see a rally of 23.94% over the course of a quarter and, with 90% chance the price will be floating in the range of $30.80 and $36.38 in this timeframe.
United States Steel Corporation Technical Signals
X has witnessed its short term MA triggering a sell signal. Meanwhile, however, the long-term average has generated a buy signal. When the short-run moving average rises above its longer-term trend, a buy signal is created. This is because a short-run moving average that crosses its long-run moving average counterpart is seen as the initiation of an upward trend. On additional rally, the share price will meet short term resistance at around $26.85. On a drop, the stock is likely to find some support over the long run, which begins at $24.89. A buy signal will be generated if it crosses above the short term moving average. Meanwhile, however, a price crossing below the long term moving average will generate a sell signal.
United States Steel Corporation (NYSE:X) Support And Resistance Levels
In case of pullback, the next support the price will capture from accumulated volume will not be far away from current price at $23.71 and $22.98. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $25.96, $26.20 and $27.23.
It is important to note, however, that the stock needs to make its way through natural risk while testing a key support level. Once this support is broken, another support level will be to be established at a lower level. Turning back to this stock, United States Steel Corporation approaches the first support point just current price at $23.71. In case of a break, the next support we will see from accumulated volume is going to be at $22.98 and $21.07. Accumulated volume is going to prevent the price from rising further at $25.96 and this action will lead the price to take a temporary pause or stay muted for a few days.
United States Steel Corporation (X) Risk Assessment
A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $1.46 between high and low, or 5.82%. The average volatility for the past week stood at 3.76%.