Update on U.S. Steel(X)

Posted by barkand on February 23, 2011 under Bollinger bands | Be the First to Comment

Well that didn’t take long.

Over the weekend, we noted that the price action for X was looking bearish and wondered whether support at $60 would be strong enough to hold. That lasted about 2 hours. On this 5-minute chart of yesterday’s trading, we see that prices bouced off $60 early in the morning. But a second test later in the morning failed.

Yes, the market as a whole was weak. But the 7.4% fall for X was much worse than the average. At this point we anticipate X at least tagging the lower Bollinger band (on the daily chart), currently in the mid-50s.