Looks easy to draw those lines and give United States Steel an $85 target.
X seems to be bottoming out here. It has created a short triple bottom on its 50% FIB line.
Today, NUCOR released its earnings which beat analysts’ estimates.
So far, all the STEEL companies have beat their own guidance and their analysts’ estimates.
United STates Steel will be releasing their earnings after market next Monday. There are 2 more trading days before this results. Most probably, shorters would be closing their short position, while some edgy investors may close their long position.
I see a tight range going close to the earnings. The earnings and guidance would provide an impetus for X to jump 30%.
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