U.S. Steel Stock Chart Analysis: Short Alert

By Gareth Soloway of In the Money Stocks

President & Chief Market Strategist at IntheMoneyStocks • Dec 1, 2020 at 12:11 PM EST

Shares of U.S. Steel (X) tagged major resistance today at $15.85. Based on U.S. Steel stock chart analysis, there is a short trade alert for a pull back as low as $11.35 from its current $15.32 level. To put it in perspective and to lay out the factors, U.S. Steel has run from $6.75 to $15.85 (today’s high). This is an over 100% move in less than six weeks.

The stock tagged multiple major pivot highs from May-June 2019 at the highs today. The RSI is above 80 which is EXTREME overbought. The target is found by noting the former pivot high of $11.35 from May 2020 and also seeing this to be a classic 50% retrace level. Look for significant downside in the near-term on U.S. Steel. U.S. Steel stock chart analysis show an easy swing trade short.

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