New York, January 9th (TradersHuddle.com) – Shares of United States Steel Corporation (NYSE:X) closed the trading day at $27.30 close to its 50 day moving average currently set at $26.03. United States Steel’s price action is just above this important support level translating into a trading opportunity.
United States Steel Corporation (NYSE:X) is an integrated steel producer with production operations in North America and Europe. Its operations include coke production in both North America and Europe and iron ore pellets in North America. The company operates through three segments: Flat-rolled Products, U. S. Steel Europe, and Tubular Products.
Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $25.11 and calculated resistance at $28.73. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on United States Steel will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.