United Steel tries to vent off oversold saturation - Analysis - 21-06-2022

United Steel Corporation's stock (X) rose in the intraday levels as the company expects net profits in t he second quarter of $3.83 per share at least, above analysts estimates of $3.25 per share, while expecting total profits of $1.6 billion. 

The stock is trying to recoup some recent losses and vent off oversold saturation in the RSI, marking a profit of 1.58%, or 31 cents, and settling at 19.89, with trading volumes surpassing 27.4 million shares, above 10-day averages of 15.6 million shares, with negative pressure from the 50-day SMA. 

Therefore we expect the stock to return lower and target the pivotal support of 18.00, provided the resistance of 21.87 holds on.

Expected trend for today: Bearish 

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