Bearish Moving Average Cross by U.S. Steel (X)
U.S. Steel (NYSE:X) crossed under its 10-day moving average of $20.49 on a volume of 5.3 million shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.
In the past 52 weeks, U.S. Steel share prices have been bracketed by a low of $6.15 and a high of $27.09 and are now at $19.91, 224% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 5.9%.
SmarTrend recommended that subscribers consider buying shares of U.S. Steel on June 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.24. Since that recommendation, shares of U.S. Steel have risen 21.4%. We continue to monitor X for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: moving crosses U.S. Steel