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ThecoinrepublicStockUS Steel Stock up 21%; X Stock...
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US Steel Stock up 21%; X Stock Prepares to Hit a 52-Week High?

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US Steel Stock price (NYSE: X) shot up 21% in the after-hours session. It is likely to open with a massive gap in regular sessions. Also, it will be the biggest single-day rise in US steel shares. 

X stock price breakout of the $26 hurdle which may attract the attention of long-term investors. However, it will be interesting to see whether the prices are able to hold the higher levels or not. 

US Steel stock price will open above the 50-day and 200-day EMA. It showcases that the short-term trend as well as the positional trend will reverse in the upward direction. 

At the beginning of June, X stock price took support near $20.00 and showed a minor bounce back. Slow and steady prices recovered by forming higher high swings and reached $26.00. 

The momentum in the X stock halted near $26.00 and the price entered into narrow range consolidation. Buyers tried their best to break the higher range but got rejected. 

However, this unexpected up move in the after-hours session will surely create panic for the short sellers. US Steel stock price closed the previous session at $22.72 with an intraday rise of 0.98%.

Will US Steel Stock Hold the Higher levels?

US Steel Stock up 21%; X Stock Prepares to Hit a 52-Week High?
NYSE: X daily chart by TradingView

US Steel Stock price (NYSE: X) had not performed well in 2023 and traded in a wide range. It disappointed the expectation of the long-term investors and underperformed the index returns. However, after the $26.00 breakout, the stock will turn highly bullish. 

The technical analysis suggests, the up move in the X stock looks reliable and prices are likely to hold the higher levels. 

On the other hand, if the X stock price faced rejection and drops below the 50-day EMA. Then the up move will be considered as a bull trap.

Bulls are dominating in X Stock

  
        

X Stock is now bullish on daily and weekly time frames It seems like bulls have taken over the control. 

United States Steel released the previous quarter’s earnings on July 27, 2023. It reported an EPS of 1.92 and revenue of $5.008 Billion. The company met the EPS estimates by 7.04% but missed the revenue by 1.94%. 

The X stock price did not react much and remained in the range. Now, after two weeks, prices are adjusting. 

Conclusion

US Steel stock price (NYSE: X) surges 21% in the after-hours session. It surprised the long-term investors but minor profit booking might be visible. 

The technical analysis suggests the recent up move in X stock looks reliable. Moreover, it seemed like prices had begun the journey to reach a 52-week high.  

Technical levels
  • Resistance levels: $30.00 and $31.62
  • Support levels: $20.00 and $22.00

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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