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Chart Level Alert: U.S. Steel Corp (X) Flying High!

July 26, 2016

United States Steel Corporation (NYSE:X) reported earnings this morning. The stock has soared, making new 52 week highs.

 

** Where is X heading and what caused the pop?

 

Earnings were solid but this run higher is more based on short covering than positive results. This tells us the pop in the stock price will run out of steam. The question is, at what price level? The price level to watch is quickly approaching based off a beautiful trend line seen in the chart below. Look for a max move of $23.50 on U.S. Steel before a pull back begins.

 

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U.S. Steel is popping on earnings and short covering. The stock is nearing resistance on the chart.