Shares of U.S. Steel (X) are falling as the stock unwinds an overbought situation as the infrastructure bill has stalled in the near term. As U.S. Steel falls, investors can look at a major trend line of support stretching back from to September 2020, when the stock was under $7/share.
That trend line connects through all lows following and gives a major basis of technical support. The current trend line sits at $19.85. With the stock trading near $21.25, it signals further downside. However, swing traders should be ready for a bounce at the $19.85 level.
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