Shares of U.S. Steel (X) fell today after the company announced a share offering. While dilutive to shareholders, this allows the company to pay down debt that has an extremely high interest rate. Overall, it is smart move. When looking at the chart, U.S. Steel will likely fall further before it becomes a strong buy. On a technical basis, there is major support on U.S. Steel between $11.00-$11.50. This is the accumulation zone for investors looking for max reward for minimal risk. With the likelihood of an infrastructure bill coming in the next year or so, U.S. Steel should see upside, let’s just hope it dips enough to buy at $11.00-$11.50.
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