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Watch for U.S. Steel to Potentially Pullback After Gaining 3.85% Yesterday
Mar 06, 2013 (SmarTrend(R) News Watch via COMTEX) --
U.S. Steel (NYSE:X) traded in a range yesterday that spanned from a low of $20.08 to a high of $20.82. Yesterday, the shares gained 3.9%, which took the trading range above the 3-day high of $20.64 on volume of 7.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that its subscribers protect gains by selling shares of U.S. Steel on January 31st, 2013 by issuing a Downtrend alert when the shares were trading at $22.39. Since that call, shares of U.S. Steel have fallen 10.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
In the past 52 weeks, U.S. Steel share prices have been bracketed by a low of $17.67 and a high of $32.05 and are now at $20.76, 17% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.1%.
Write to Chip Brian at cbrian@mysmartrend.com
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