U.S. Steel Bearish Moving Average Crossover Alert (X)

Published on Wed, 04/29/2015 - 12:20
By Peter Chu in Moving average crossovers, X, moving crosses, nyse:x, u.s. steel

U.S. Steel (NYSE:X) shares have crossed bearishly below their 10-day moving average of $25.97 on a volume of 15.6 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

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.

U.S. Steel (NYSE:X) has potential upside of 18.2% based on a current price of $24.09 and analysts' consensus price target of $28.47. U.S. Steel shares should first meet resistance at the 50-day moving average (MA) of $24.47 and find additional resistance at the 200-day MA of $30.47.

U.S. Steel share prices have moved between a 52-week high of $46.55 and a 52-week low of $20.13 and are now trading 20% above that low price at $24.09 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

By Peter Chu
pchu@fnno.com

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