Shares of U.S. Steel (X) surged higher just a few days ago after talk of a $1 trillion infrastructure deal surfaced. The stock had been rallying for some time into that chatter. After that big pop, the U.S. Steel has done nothing but collapse lower. Now down over 25% off the recent highs, investors are looking for where to buy. The U.S. Steel technical chart retrace level is at $7.20. With the current price at $8.20, the buy level could be hit within days. This is a huge technical chart support (as seen in the chart below) as well as a Fibonacci 61.8% retrace from the March 2020 low to the June 2020 highs. Look for the stock to bottom here and begin to turn higher again.

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