By Mill Chart
Last update: Oct 26, 2023
We've identified UNITED STATES STEEL CORP (NYSE:X) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:X for further developments.
Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.
We assign a technical rating of 8 out of 10 to X. Both in the recent history as in the last year, X has proven to be a steady performer, scoring decent points in every aspect analyzed.
Our latest full technical report of X contains the most current technical analsysis.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:X currently has a 8 as setup rating:
X has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 33.26. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 31.83, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for X in the last couple of days, which is a good sign.
A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.
Of course, there are many ways to trade or not trade NYSE:X and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Our Breakout screener lists more breakout setups and is updated daily.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
UNITED STATES STEEL CORP
NYSE:X (2/23/2024, 7:20:33 PM)After market: 47.11 -0.15 (-0.32%)
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