Everything Steel Is On The Move
Nicholas Santiago | Oct 10, 2012 01:48AM ET
Yesterday morning, the leading steel stocks were trading higher on the session. Monday night, the People's Bank of China (Chinese central bank) announced that they would add $42.0 billion to the country's financial system. This news caused the Shanghai Index to surge by 2.0 percent on the trading session. When the Chinese markets trade higher most stocks in the base and industrial metal sectors will trade higher.
U.S. Steel Corp (NYSE:X) is considered to be one of the leading stocks in the steel sector. Yesterday, X traded higher by 0.75 cents to $21.12 a share. Short term traders can watch for intra-day resistance around the $21.25, and $21.60 levels. Other leading steel stocks such as Nucor Corp (NYSE:NUE), Schnitzer Steel Industries Inc (NASDAQ:SCHN), and AK Steel Holding Corporation (NYSE:AKS) all traded higher on the day as well.
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