U.S. Steel to Retest Resistance
Companies / Company Chart Analysis Jul 21, 2011 - 02:17 PM GMTBy: Mike_Paulenoff
Despite some soft China PMI data overnight, U.S. Steel (X) is up nearly 1% as it climbs towards a retest of key trendline resistance at 45.25, which if hurdled should trigger upside continuation towards the top of its May-July base formation (46.40-47.10).
A sustained hurdle of 47.10 will complete the base pattern and trigger upside projections of 50 and 52 thereafter.
Right now, dollar weakness is helping companies like X, which manufactures in the U.S., price their goods in dollars for foreign delivery.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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