YoungAnalyst

United States Steel seems strong

Long
NYSE:X   United States Steel Corporation
vsa x
I bought United States Steel yesterday @24.99. Although yesterday's close confirms the test, the volume is low so the stock could rest again, but the background seems in favour of higher prices.
Detailed analysis:
1 - A sign of accumulation: high volume candle with a narrow spread that touches new lows but closes on its highs. The next candle closes lower and signals that there are still sellers
2 - A long spread candle on ultra high volume that closes in its lows. Next candle touches new lows but closes higher so the volume on the previous candle wasn't selling: another signal of accumulation
3 - Ultra high volume after earnings and the candle closes in its middle: this could be a signal of a change in the supply/demand dynamic of the market. Since the candle closes in its middle, the market needs to find out how much sellers are still present
4 - This is a low volume test of supply in the body of the "earnings candle". The next candle closes higher although volume is lower
5 - Another test. The next candle closes higher in its high but volume is low, not an ideal confirmation but the closure on its highs is a sign of strength
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