Friday, April 27, 2018 11:46:15 AM
Shares of U.S. Steel Corp. (X) fell sharply on Friday morning after releasing poor earnings and guidance. The hope of tariffs on steel fading causing investors and the company to lose hope in their lofty projections. U.S. Steel is down 14$ on the day at $32.50. This is a far cry from the $47.60 per share it hit March 2018 on those tariff hopes. With the drop today, U.S. Steel broke major support. This spells further downside. The first big support on the stock is not until $28.70. Once there, big players will begin to accumulate for a swing trade bounce back to $32.00.
Gareth Soloway
InTheMoneyStocks
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