United States Steel continues to show strong bullish action. The stock looks strong to break that resistance at $65 and shoot upwards to our first target of $68.
Yesterday, I shorted United States Steel at $64. Today, I covered that short position at $63 and go long again.
My net result is buying X at $58 and I will continue to ride this till $68, and the second target is $75.
The fundamental reason for United States Steel to keep rising is due to the increase in Iron Ore price and the apparent shortage of that commodity.
The stimulus plan of $100bln is going to give X a nice lift.
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