U.S. Steel Hits Major Resistance

Feb.19.10 | About: United States (X)

United States Steel Corporation (NYSE:X) is hammering into the 60
minute charts 200 moving average. In addition, there is a key double
top here at $52.60 from February 17th, 2010. The combination of both
these levels should work as a great resistance level and could spell a
pull back coming for U.S. Steel.

U.S Steel has rallied from a recent low of $42.32 to a recent high
today of $52.68. This has all happened in just two week. U.S. Steel
is now short term overbought and due for a decent pull back. Watch for
a move back to $49.00 in the next week.

U.S. Steel has been crushed since mid January on the back of a rallying
U.S. Dollar, as steel prices took a tumble. In addition, earnings for
U.S. Steel were not pretty, missing analysts expectations. The stock
hit a January high of $66.45.

Disclosure: None