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Watch for Continued Losses in Shares of U.S. Steel (X)

Published on Mon, 04/22/2013 - 14:22
By Robert Cotter

Shares of U.S. Steel (NYSE:X) traded at a new 52-week low today of $15.80. So far today approximately 7.6 million shares have been exchanged, as compared to an average 30-day volume of 8.9 million shares.

There is potential upside of 51.9% for shares of U.S. Steel based on a current price of $16.08 and an average consensus analyst price target of $24.43. The stock should run into initial resistance at its 50-day moving average (MA) of $19.83 and subsequent resistance at its 200-day MA of $21.27.

United States Steel Corporation is an integrated steel producer with production operations in North America and Europe. The Company's operations include coke production in both North America and Europe and iron ore pellets in North America, transportation services (railroad and barge operations), real estate operations, and engineering and consulting services in North America.

Over the past year, U.S. Steelhas traded in a range of $15.80 to $29.25 and are now at $16.08. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 2.9%.

By Robert Cotter
rcotter@fnno.com