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Struggling Steel

|Includes: United States Steel Corporation (X)

This morning, many of the leading steel stocks are trading lower at the start of the trading session. One of the leading stocks in the sector is U.S. Steel Corp (NYSE:X). Today, X stock is trading lower by 0.46 cents to $17.05 a share. Short term traders should watch for intra-day support around the $16.60 level. The daily chart for X stock remains in a downtrend at this time.

Some other leading steel stocks that are under selling pressure today include Steel Dynamics Inc (NASDAQ:STLD), ArcelorMittal (ADR) (NYSE:MT), and Nucor Corp (NYSE:NUE). All of these leading steel stocks remain in a downtrend on the daily charts. These stocks are very oversold so there could be short term bounces soon. Until these stocks can recapture the daily chart 50-day moving average all bounces are likely to be just dead cat bounces which are temporary.

Nicholas Santiago