X Breakout I.H&Sgoing long here on X after a nice inverted head and shoulders on key level 20$
2 targets on chart
X trade ideas
United States Steel seems strongI bought United States Steel yesterday @24.99. Although yesterday's close confirms the test, the volume is low so the stock could rest again, but the background seems in favour of higher prices.
Detailed analysis:
1 - A sign of accumulation: high volume candle with a narrow spread that touches new lows but closes on its highs. The next candle closes lower and signals that there are still sellers
2 - A long spread candle on ultra high volume that closes in its lows. Next candle touches new lows but closes higher so the volume on the previous candle wasn't selling: another signal of accumulation
3 - Ultra high volume after earnings and the candle closes in its middle: this could be a signal of a change in the supply/demand dynamic of the market. Since the candle closes in its middle, the market needs to find out how much sellers are still present
4 - This is a low volume test of supply in the body of the "earnings candle". The next candle closes higher although volume is lower
5 - Another test. The next candle closes higher in its high but volume is low, not an ideal confirmation but the closure on its highs is a sign of strength
X: Time to reshort has comeWe have a pretty clear shorting opportunity in X. I had succesfully shorted it before, you can see my previous post in related ideas.
Fundamentals weigh heavily in steel right now, and the technicals in this chart are compelling, so I reccomend entering shorts under 16.33, with stops above 17.10, and target at least a retest of the recent lows, but we could break under this zone as well.
Check out my updated track record here: pastebin.com
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
X USSTEELX, USSTEEL looks primed for another run higher. Short term RSI and longer term %R have bottomed at over sold and are turning higher. MACD seems to be headed higher. X appears to have formed a rounded bottom which is acting as support along with the 200sma. Stochastics is giving a buy signal. Low risk entry with stop at $12.76. Good luck.
X: Massive top spottedWe can enter shorts in any way you prefer here.
Stops should be above 18.89, the rest is up to you, can be an options play, or shorting stock.
Targets are a retest of 12 initially, but I can see it hitting 7 in the intermediate term.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Can X be someone We have been watching the commodities Oil, Gold and so on...for months especially for this stock, -96% loss since August of 2008. But I noticed that this stock has been in a reasonable range $6-$12 for some time. Can this stock be somebody here and make an come back? Everyone who got in but didn’t have any time to execution to get out of this. I think USS can be something here after all you have to take out $14.45 .
Trend is down and scary but 35% Bounce is likelyTough environment to be but contrarian trader can take a position now with the possible loss of 15% if the upcoming earning next 1/26 fails to arrest temporarily this sustained downtrend. The stock lost from Nov peak about 59% and this measured upside target is very likely to happen next 45-days. Real-time alerts go www.2waytrading.com
US Steel - X - Double bottom and uptrendStop 22.00
Target 29-30.
Last 24.23.
I like how X held the earnings report "key hidden level" and the gap in the chart and has formed a double bottom here.
The next 3 days have to see X hold above 23.20, so if that isn't the case, then exit.
Look for a slower, steadier rally towards 29-30 over the next couple of months.
And consider shorting GM against a long in X. (I'll publish a chart in that next).
Tim
3:35PM EST 24.24 last X
