The correction in U.S. Steel (NYSE: X) from the Feb 4 high at 61.40 likely ended at last Thursday's low of 56.35, and a new upmove has emerged within the larger upleg off of the October low at 39.78. In addition, we can still view the past 10 months as a large, double-bottom pattern that broke out to the upside above 52.00 in December and still points to 65.00 to fulfill its optimal upside target. If my work proves correct, then X is heading immediately to challenge its Jan-Feb prior highs at 61.18-61.40, where I will be interested to see how it behaves.
Originally published on MPTrader.com.
