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

Published on Fri, 07/19/2013 - 11:58
By Robert Cotter

U.S. Steel (NYSE:X) shares have crossed bearishly below their 10-day moving average of $18.19 on a volume of 2.2 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.

Over the past year, U.S. Steel has traded in a range of $15.80 to $26.29 and is now at $18.04, 14% above that low. The 200-day and 50-day moving averages have moved 0.13% lower and 0.05% higher over the past week, respectively.

U.S. Steel has overhead space with shares priced $18.04, or 10.2% below the average consensus analyst price target of $20.10. U.S. Steel shares should encounter resistance at the 200-day moving average (MA) of $20.39 and support at the 50-day MA of $18.03.

By Robert Cotter