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Rant & Rave Blog

U.S Steel (X) Seems Under Valued At Current Levels

Posted by InTheMoneyStocks.com Tuesday, February 24, 2009, 07:00PM ET

Read 648 times

U.S Steel (X) Seems Under Valued At Current Levels

RealTick graphics used with permission of Townsend Analytics, Ltd. ©1986-2009 Townsend Analytics, Ltd. All Rights Reserved. RealTick is a registered trademark of Townsend Analytics, Ltd.


My positive bias in oil was released on February 19th, 2009 on this very blog.  Feel free to check. {itmsid}n_rant_and_rave_blog_single#103{/itmsid}Click Here.  At that time, oil was trading at $34 per barrel.  It was a no brainer trade and since then oil has soared to almost $43 per barrel in a week.  I still believe oil has more upside, though may need to consolidate.  If oil continues to rally, other commodities should follow.  Today, the evening of February 25th, 2009, I bring you blog readers U.S Steel (symbol: X) as it closed today just below $21 per share.  Note on the chart above the support level in pink and the resistance levels in green.  The chart above is the U.S Steel 60 minute intra day.  Keep watching for a break of the 20 moving average.  Should that break, X could really push higher.  However, if the pink support line is broken, stay away as it could fall a little further before the move higher starts.  Overall, risk reward here is very positive in my opinion.  It is almost as high a trade as the oil trade at these levels.  

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