Today, United States Steel disappointed all longs when it could not confirm the bullish harami. It is back in consolidation mode.
This is partly due to the poor management of CLIFFs, CLF which did not give any guidance. CLF fell 8% as a result, dragging US Steel with it.
However, should the market continue to advance tomorrow, I foresee X to climb very rapidly. I am still waiting for a 5% gain and that would kick start the next bullish rally.
Today’s candle stick resulted in a breakdown of the bullish harami. This is the 5th time it is touching the $56 level.
A sharp rally is on the way.
2 Upgrades didnt help. Goldman Sachs upgrade did not lift the sentiment. This is as low as it could get. I have added more X at $56.8 today.
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