Possible recovery of Steel Market
JAN08: Downtrend has taken the price to the Lower Channel Support Line, there is a positive momentum divergence.
Look for the 0.236 Fib level, it is Resistance 28, if it goes above 28, it may reach 31.
The two words of warning here is that the first move could be just a short squeeze due to short covering at this level and the second is Earnings is scheduled on the 26th.
Entry 28, Target 1 31, Target 2 @ 34, Stop @ 25
Ref. "UNITED STATES STEEL CORP -X -DAILY - LEVEL TO BUY" by Tim West. tradingview.com/v/El5HIYwI/
Look for the 0.236 Fib level, it is Resistance 28, if it goes above 28, it may reach 31.
The two words of warning here is that the first move could be just a short squeeze due to short covering at this level and the second is Earnings is scheduled on the 26th.
Entry 28, Target 1 31, Target 2 @ 34, Stop @ 25
Ref. "UNITED STATES STEEL CORP -X -DAILY - LEVEL TO BUY" by Tim West. tradingview.com/v/El5HIYwI/
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