XCL trade ideas
US Steel up for resistanceUS Steel is in a nice uptrend since setting the bottom in early 2016. The current uptrend is likely to remain. Recently a long term declining resistance line has been broken (the red dotted line) which had been tested late 2016. After a short pullback the stock price continues its uptrend. Both the MACD and RSI show signals for further advancing of the stock price, both curling up after setting a higher bottom. First potential resistance is the last major top, set in September 2014, around 46. This level is also the 61.8% retracement level formed from the major top around 70 to the bottom in 2016.
I have no position in X, and would be hasitant to enter a long position below 46. After breaking the resistance at 46 (significantly) I would consider a long position.
X Short play at 40Based on the history of the stock 40 seems a good place to short X based on the MACD and price action
US Steel great chartX is about to break thru next resistance with mid-term upside into 46.00. Not bad
long Xwent long X on good CLF earnings release at 35 with a stop of 33. Will be looking to add on break into new 52WH. I remain bullish on the U.S. steel sector
X Long to $35.60 after $33.90 trigger with a $33.05 StopThe overall tend is Bullish and not Lateral. There's a One White Soldier on the Daily Charts. The Hourly is showing a nice Flag pattern with support at the 100 MA and a potential bullish breakout at the 200 MA.
is the X be able to make it or break it?the united states steel corp (X), may be in a down channel, but I have a long bias, if the stock reaches YP or 29.60 area, and bounces from there to break the channel to the upside.
the possible target would then be 52.50.
In the watchlist...
X EARNINGS SHORT STRANGLE/IRON FLYX announces earnings tomorrow (Tuesday) after market close, and with its implied volatility rank and implied volatility metrics, it's ripe for a volatility contraction play. Here are two possible setups, which naturally might need to be tweaked this way or that depending on price movement intraday tomorrow.
Feb 17th 29/38 Short Strangle
Metrics
Probability of Profit: 68%
Max Profit: $130/contract
Buying Power Effect/Max Loss: Broker Dependent/Undefined
Break Evens: 27.70/39.30
Notes: (1) Here, as is my habit, I'm selling the 20 delta call and put. (2) I went out a little bit farther in time to the monthly, since things are generally more liquid there, so I would be more likely to get a fill at the mid without too much diddling around. (3) Look to manage at 50% max profit or about $65/contract.
Feb 17th 25.5/33/33/41 Iron Fly
Metrics:
Probability of Profit: 50%
Max Profit: $392/contract
Max Loss/Buying Power Effect: $408/contract
Break Evens: 29.08/36.92
Notes: (1) The first thing I did was check to see what a three-wide iron condor would pay with the short options at the 20 delta strikes. It was less than 1/3rd the width of the strikes, so I switched to putzing with a fly. (2) Look to manage this setup at 25% max profit (~$98/contract). (3) While the setup looks "sexier" from a max profit standpoint, you'll also notice that the profit zone is narrower than that of the short strangle. Nevertheless, is defined risk going in, so I know what my max loss is if the thing blows up in my face.
X break bearish trend line barelyX breaks bearish trend line .To confirm bullish trend X needs to break 34.20 and hold above 33.75 for the day.If X holds then the bullish pattern is confirmed and my target is 37 for the end of the week.
X- Speculative Call option trade as it forming a Flag formationX seems forming a possible Flag formation, clearly seen in weekly chart. It also shows a small downward channel. At the breakout it can go up to 55 area, and to catch the gain we would consider $33 March Calls.
Trade Criteria
Date first found- January 25, 2017
Entry Target Criteria- Speculative entry point at current price, confirmation at the Break of channel ($36.67)
Exit Target Criteria- First target $45, Second target $55
Option- $33 March-17 Calls, currently $3.10/3.15
Stop Loss Criteria- N/A
(Note: Trade update is delayed here.)
