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Multiple Technical Signals Say $X Has A Target Much Lower... Here Is Where It Should Go

|Includes: United States Steel Corporation (X)

U.S. Steel is falling today. This stock has had a meteoric rise but every day the chart signals bigger and bigger bearish signals. There may get a long term top in U.S. Steel. In the near term, the downside target is $23.00. Below are the reasons.

1. Lower Highs

U.S. Steel has just confirmed a lower high pattern. A lower high occurs simply when a major pivot high sees a pull back, then the following bounce up does not take out the recent major pivot high. This has happened.

2. Bear Flag

On the recent bounce to making a lower high, a technical pattern was put in called a bear flag. This is sideways to slightly higher price action that stays in the lower range the previous fall from the major pivot high.

There is a high probability that U.S. Steel will continue to fall to the $23.00 level. At this point it is likely to find support for a bounce.

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U.S. Steel has put in many bearish stock chart signals for further downside.