U.S. Steel Trend Line Alert

Shares of U.S. Steel (X) are falling as the stock unwinds an overbought situation as the infrastructure bill has stalled in the near-term. As U.S. Steel falls, investors can look at a major trend line of support stretching back from to September 2020, when the stock was under $7/share. That trend line connects through all lows following and gives a major basis of technical support. The current trend line sits at $19.85. With the stock trading near $21.25, it signals further downside. However, swing traders should be ready for a bounce at the $19.85 level.

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