Submitted by admin on Mon, 12/06/2010 - 22:59
Posted in
United States Steel (X) had formed a head and shoulders bottom. It's a confirmed pattern, since it has broken out above its confirmation line. The right shoulder has been in a price channel since July.
The stock could go up to $70/share. It appears that there will be some resistance at about $56 and $60. We'd wait for pullback to the breakout point before entering a trade though.