Last week, United States Steel Corporation (NYSE:X) reported earnings
and we saw a nice jump in the stock price. Then on Friday, United States Steel Corporation (NYSE:X) put in a bearish
signal on the charts. You can take note of this bearish
signal by looking at the daily time frame chart of X. On the chart, you will see a technical chart formation known as a "topping tail," as well as the price of X trading in an extended distance from the 20 day moving average. Both of these are bearish
signals for the stock performance of X and represent an "alert" to those who properly read stock charts. With this bearish pattern
in place, we will be looking to enter this stock on the short side, to profit from the expected move lower.
Everyday, multiple time each day, there are great chart patterns forming which present high probability trades like this. Now, if you take the pattern you found and tie in other supporting factors, then you have a great trade ready to make you money. But you must learn to read the charts correctly. Join us at the Elite Round Table as we guide members with trades like this 10% winner earned in just 3 days and more. Get the trades we take and know exactly when you should be entering and exiting positions at the most optimal times.
Kristof De Block
Elite Round Table, Pro Trader