I am convinced that United States Steel will rebound from the 20SMA. It has already been 3 days that the traders have been trying to pound the 20SMA but X has managed to hold firm.
Though the chart pattern formed today signals continued selling pressure, the fact that X managed to hold the 20SMA shows that there is strong buying demand at that level.
Today, Deutsche Bank raised United States Steel target to $85 from $72. The analysts have been raising the year’s EPS higher.
The broader steel market rallied today, except for United States Steel and AKS, the 2 steel stock that I am monitoring.
With thestreet.com continuous pumping of the Steel sector, I think this rally will continue.
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