The X-Factor Weighs On The Steel Sector
Nicholas Santiago | Jul 30, 2013 08:46AM ET
This morning, leading steel stock United States Steel Corporation (X) is trading sharply lower after reporting quarterly results. The stock is trading down by $1.23 to $17.75 a share. The daily chart (for swing trades) is signaling support around the $17.00, and $16.30 levels, so further downside is likely in the near term. X stock will have intra-day support around the $17.35, and $16.90 levels where the day traders can take a quick scalp.
Some of the other leading steel stocks that are declining lower in sympathy to United States Steel Corp include AK Steel Holding Corporation (AKS), Steel Dynamics, Inc. (STLD), and Nucor Corporation (NUE). It should be noted that a weak Chinese economy is certainly one of the reasons for a weaker steel sector. Traders that want to track and trade the action in the entire industry group can follow the Market Vectors Steel (ETF) (SLX).
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