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

By Shiri Gupta

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. Today's price range of $35.16 and $35.57 is within yesterday'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.

Based on a current price of $35.34, Us Steel Corp is currently 9.9% above its average consensus analyst price target of $31.83. The stock should discover initial support at its 50-day moving average (MA) of $15.96 and subsequent support at its 200-day MA of $12.50.

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.

Over the past year, Us Steel Corp has traded in a range of $14.80 to $41.83 and is now at $35.34, 139% above that low. 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 Us Steel Corp on July 19th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.84. Since that recommendation, shares of Us Steel Corp have risen 49.6%. We continue to monitor X for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle us steel corp

Ticker(s): X