United States Steel Corporation (NYSE:X): Signals from Technical Perspective

United States Steel Corporation (NYSE:X) gained 1.43% in yesterday’s session, going up from its prior closing price of $25.20 to $25.56, and has now recorded rally in 3 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The stock price went upward in 7 of the last 10 days and has generated 0.47% during the last two weeks. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 0.71 million more shares exchanged hands compared with prior day. In total, 9.99 M shares exchanged hands for about $255.30 million.

Inside X’s Recent Trend

United States Steel Corporation (X) lies in the middle of a wide and strong rising trend in the short term and issued considerable signs about additional rally. Short-term traders are predicted to see a rally of 10.29% over the course of a quarter and, with 90% chance the price will be floating in the range of $26.93 and $31.69 in this timeframe.

United States Steel Corporation Technical Signals

X has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $25.69 and $25.83. A buy signal will be generated if it crosses above any of these levels.

United States Steel Corporation (NYSE:X) Support And Resistance Levels

United States Steel Corporation (X) recorded volume accumulation so there will probably be a surplus of buyers at $24.44. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $25.59, $26.20 and $27.23.

Accumulated volume is going to prevent the price from rising further at $25.59 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

The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.90 (3.59%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 3.34%.

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