Where Is X Heading And What Caused The Pop?
InTheMoneyStocks.com | Jul 26, 2016 03:13PM ET
When United States Steel Corporation (NYSE:X) reported earnings Tuesday morning, the stock went through the roof, notching a new 52-week high.
While earnings were solid, the run higher was based more on short covering than positive financial results. And that tells me that the stock's pop will run out of steam. The question is, at what price level? I'm watching a quickly approaching price point that's based off of a beautiful trend line seen in the chart below.
Look for a max move of $23.50 on U.S. Steel before a pull back begins.
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