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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 $36.83 and $37.53 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.

Us Steel Corp share prices have moved between a 52-week high of $47.64 and a 52-week low of $22.38 and are now trading 66% above that low price at $37.12 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.5%.

Us Steel Corp (NYSE:X) has potential upside of 14.9% based on a current price of $37.12 and analysts' consensus price target of $42.67. The stock should find initial support at its 50-day moving average (MA) of $36.06 and further support at its 200-day MA of $34.77.

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 is tracking the current trend status for Us Steel Corp and will alert subscribers who have X in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle us steel corp

Ticker(s): X