{"id":3646,"date":"2010-12-07T06:55:39","date_gmt":"2010-12-07T11:55:39","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=3646"},"modified":"2010-12-07T06:55:39","modified_gmt":"2010-12-07T11:55:39","slug":"us-steel-breaks-out","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2010\/12\/07\/us-steel-breaks-out\/","title":{"rendered":"U.S. Steel Breaks Out"},"content":{"rendered":"<p>I have been <a href=\"http:\/\/twitter.com\/#!\/search\/US%20Steel%20breakout\">reporting the breakout of U.S. Steel (X) on twitter<\/a> since last week, so I thought I would quickly post a chart outlining the case and provide some additional commentary.<\/p>\n<p>Like most steel stocks, U.S. Steel has lagged the S&#038;P 500 for most of this year. The stock has churned in a wide range since May, consistently capped by upper resistance from the 200-day moving average (DMA). On December 1st, the stock broke above the 200DMA on average volume, creating a buy signal. The stock followed through on Monday &#8211; while the rest of the market was muted &#8211; with a 2.6% gain that finally put U.S. Steel above its August intraday high. Although volume has trailed off, it is starting to look like this rally could hold and survive a retest of the 200DMA.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_3647\" aria-describedby=\"caption-attachment-3647\" style=\"width: 515px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/12\/101206_X.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/12\/101206_X.jpg\" alt=\"U.S. Steel finally breaks out\" title=\"U.S. Steel finally breaks out\" width=\"525\" height=\"451\" class=\"size-full wp-image-3647\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/12\/101206_X.jpg 525w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/12\/101206_X-300x257.jpg 300w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\" \/><\/a><figcaption id=\"caption-attachment-3647\" class=\"wp-caption-text\">U.S. Steel finally breaks out<\/figcaption><\/figure><br \/>\n*<strong>Chart created using TeleChart:<\/strong> <a href=\"http:\/\/www.worden.com\/CURRENTAFPROMO.aspx?AFCODE=866\"><img decoding=\"async\" src=\"http:\/\/www.worden.com\/Content\/Banners\/images\/88x31.gif\"><\/a><br \/>\n<\/center><br \/>\n<\/p>\n<p><a href=\"http:\/\/drduru.com\/onetwentytwo\/category\/steel\/\">I have followed steel stocks for quite some time<\/a>, but over the current period of churn I have not had much to say (one notable exception is coverage of <a href=\"http:\/\/inflationwatch.wordpress.com\/2010\/11\/30\/ak-steel-carbon-steel-products\/\">the numerous price increases from AK Steel on InflationWatch<\/a>). I had expected steel stocks to be a sneaky and cheap way to play a general market rally. Perhaps this move on U.S. Steel is finally the big moment I have been awaiting.<\/p>\n<p>(In other news of industry interest, Nucor Steel&#8217;s vocal and activist leader, Dan DiMicco, has partnered his company with the Dylan Ratigan Show to create a series called &#8220;<a href=\"http:\/\/www.prnewswire.com\/news-releases\/nucor-partners-with-the-dylan-ratigan-show-to-focus-on-the-future-of-america-111404344.html\">Steel on Wheels<\/a>&#8220;. This series will promote &#8220;&#8230;a comprehensive program to restore manufacturing and create jobs by replacing our aging infrastructure, achieving energy independence and enforcing our trade agreements.&#8221; Should be interesting).<\/p>\n<p>Stay tuned and be careful out there!<\/p>\n<p>Full disclosure: long X call spread and puts, long AKS<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I have been reporting the breakout of U.S. Steel (X) on twitter since last week, so I thought I would quickly post a chart outlining the case and provide some additional commentary. Like most steel stocks, U.S. Steel has lagged the S&#038;P 500 for most of this year. The stock has churned in a wide &#8230; <a title=\"U.S. Steel Breaks Out\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/12\/07\/us-steel-breaks-out\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[44,62],"tags":[244,190,1597,193,194],"class_list":["post-3646","post","type-post","status-publish","format-standard","hentry","category-steel","category-technical-analysis","tag-nucor-corporation","tag-nue","tag-technical-analysis","tag-u-s-steel","tag-x"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>U.S. Steel Breaks Out - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/12\/07\/us-steel-breaks-out\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Steel Breaks Out - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"I have been reporting the breakout of U.S. Steel (X) on twitter since last week, so I thought I would quickly post a chart outlining the case and provide some additional commentary. Like most steel stocks, U.S. Steel has lagged the S&#038;P 500 for most of this year. The stock has churned in a wide ... 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