Monday, February 1, 2010

U.S. Steel (X) - Short at $55

X is a great trading vehicle, and it looks to be the high has been put in for the year, unless it can break and hold $55.  X is heavily damaged from last week's high volume sell off, and I believe it has more room to go down.  Wait for the gap fill at $55 to short, although entering at $54 may not be a bad idea.  $43 will be key support so pay extra attention to that area.  Weekly chart suggests a right shoulder may be forming.  If $43 breaks, target to cover will be in the low 20's. 

1 comment:

  1. Did you use stock fetcher before. It looks like a good screener. I am trying to test different options like EMA crossovers.

    Jim.

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