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.
Signup to Verified Investing and get access to live trades from 1000's of Pro Traders on a 100% verified platform - no bs, no fake claims, just documented, trustworthy performace stats. If I suck... I can't hide! Check it out!