I really like US STEEL down here. I've had my eye on this one for some time but the trend is still technically pointing down. Following the price direction and watching strength/momentum is key. I can speculate and say this is an excellent buy (I think it's fantastic).. However, the trend is still pointing down even though I see value here. Notice the hidden bearish divergence it's been forming for months..Be smart and stick to price direction. It could flush 50-60% lower before finding a final bottom..In my opinion it might be best to wait for confirmation of trend change and strength.
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This is SLX steel sector ETF. This is something big to watch..
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X:SLX ratio. This is telling. While stupid cheap, it shows a bearish divergence.. not sure when it's finished. Should be wildly bullish when it breaks above.. but when?
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wow.. yeehaw
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wow. I'm now really hoping for a retracement but not sure when or how long it'll take to get there... history tends to rhyme so let's see what happens. The short version of the story is: US STEEL BROKE OUT.
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yah, the retracement. I hope it goes lower (12-14). I look at this zone as a buy zone. Good things ahead for X
BRING IT. LET'S GET MOVING ALREADY
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X / SLX ratio-
Clearly, US steel bottomed and broke out. Now, it's time for me to ease back in for the longer term. This looks incredibly bullish. I'm hoping for a deeper retrace but this is what I was hoping for so far
Clearly, US steel bottomed and broke out. Now, it's time for me to ease back in for the longer term. This looks incredibly bullish. I'm hoping for a deeper retrace but this is what I was hoping for so far
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I'm really hoping to see further consolidation but it could go higher before lower before the ultimate larger run
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240min candles potential trend here. Let's see if this serves as a short-term bottom here. If not, I'll be much more interested in X lower!