Shares of U.S. Steel (X) tagged major resistance yesterday at $24.65. This level was the major pivot high from February 2020, just before the Covid stock market collapse. U.S. Steel ran from $7.00 to $24.65 in an almost straight line. The weekly RSI alone was north of 85 signaling extreme overbought. Today, U.S. Steel is pulling back. The pull back should continue for the next couple weeks until price retraces to at least $19.75. Once there, U.S. Steel will have major support and have a chance at another move higher. Should the $19.75 level not hold, there is no significant support until $16.00.
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