Steel ends cautiously higher - Analysis - 06-09-2018

Economies.com
2018-09-06 13:34PM UTC

US Steel Corporation's stock settled below the resistance of 29.66, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 18.55 to 47.64), with negative signals from the Relative Strength Index, coupled with negative pressure from the 50-day SMA, as the stock throws a last attempt to recoup some recent losses with a 0.34% profit, or 0.10 points. 

 

Therefore we expect the stock to return lower, as long as it settles below 29.66, targeting the next support at 25.42, which represents the ratio 76.4% of the same retracement levels. 

 

Expected trend for today: Bearish

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