This afternoon, most of the leading steel stocks are coming under heavy selling pressure. United States Steel Corp (X) is considered to be one of the leading stocks in the industry group. Today, X stock is trading lower by $1.11 to $17.62 a share. This is a new 52 week low for the popular steel equity. One would think that the steel stocks would be rallying since the highly followed Dow Jones Industrial Average (DJIA) is making new all time highs on a daily basis. Steel is used in automobiles, buildings, and numerous other structures, however, these stocks are continuing to sink lower on a daily basis. Short term traders can watch for intra-day support around the $17.00 level.
Some other leading steel stocks that are declining lower on the session include Nucor Corporation (NUE), Steel Dynamics, Inc. (STLD), AK Steel Holding Corporation (AKS), and ArcelorMittal (ADR) (MT). All of these stocks remain in a down trend on the daily chart by trading below the important daily chart 50, and 200-day moving averages.