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Possible Bearish Inside Day Candle Pattern Detected for Us Steel Corp (NYSE:X)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Us Steel Corp (NYSE:X) based on the price action in the company's shares. Yesterday's price range of $12.86 and $13.09 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Us Steel Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Us Steel Corp (NYSE:X) has potential upside of 225.9% based on a current price of $13.09 and analysts' consensus price target of $42.67. The stock should find initial resistance at its 50-day moving average (MA) of $16.07 and further resistance at its 200-day MA of $22.48.

Us Steel Corp share prices have moved between a 52-week high of $38.89 and a 52-week low of $11.67 and closed yesterday at 12% above that low price at $13.09 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has slid 1.1%.

United States Steel Corporation operates as an integrated steel producer. The Company manufactures flat-rolled and tubular products with production operations in North America and Europe. United States Steel serves the automotive, appliance, container, industrial machinery, construction, and oil and gas industries.

SmarTrend recommended that its subscribers protect gains by selling shares of Us Steel Corp on March 5th, 2019 by issuing a Downtrend alert when the shares were trading at $22.02. Since that call, shares of Us Steel Corp have fallen 39.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle us steel corp

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