United States Steel failed to test new bottom today, the stock is seeing renewed buying pressure. This stock is trading at 10.5X forward PE which is lower than its average of 18X.
The stock has retraced and rebounded from its 23.6 FIB line of the latest uptrend. The renewed buying interest suggests that the stock price is still undervalued.
I am taking profits at $68.
I will buy more on any dips.
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