There’s no denying that US Steel (X) has been a dog. It’s stock price has been crushed and most are likely steering clear of the US Steel stock. Fair enough. But as traders, we need to trade what we see, not what we believe.
Very few people believe that X will rally. But how many see a perfect buy pattern?
US Steel stock (X) has been (is) a dog. BUT, when looking at the picture painted, I say why not for a trade? The early october lows provide a nice stop out level to trade against. More conservatively, stops could be placed in and around 10 bucks.
Taking a step back and looking at it, the counts sure appear tempting to me – risk just over a buck to get five or ten. click chart to enlarge
US Steel stock chart (X) – Buy Pattern?
Thanks for reading and remember to trade safe with stops.
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
