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- 1 X stock price fell 0.16% on Friday and closed at $31.04.
- 2 The X share price is currently at the high of the last 6 months’ price.
- 3 United States Steel Corp.’s (X Stock) price has gained nearly 22% in August.
X stock price gained nearly 22% in the August month and currently trades at the high of last 6 months. The daily chart shows that the stock was declining taking multiple supports from lower trendline support. The disclosure of the quarterly results led to some profit booking among the investors.
The company declared quarterly results on the 27th of July. The company reported balanced results neither bad nor surprising results. However, the stock declined a bit experiencing profit booking.
Thereafter, the price gapped up open 25% on 11th August followed by a hike of 10% more in intraday. The price surged from a low of $22 to $32 in the intraday session. However, the price is trading above the previous swing high form where sellers might try to enter the market.
Currently, the price is considering settling the volatility caused by the gapped-up and sudden spike. The Analysts offering a 1-year price forecast for United States Steel Corporation have a max estimate of $30 and a minimum estimate of $14.36.
X stock’s option-chain analysis states that the current implied volatility in the market is 36.99% with a decrease of 0.3% in the last trading session. The option-chain data shows that the stock has major resistance at $32 and $35. The at-the-money strike price has 981 open contracts on the put side and 7,876 open contracts on the call side, indicating the dominance of sellers at the current level.
Bullish Flag Forms Inside Symmetrical Triangle Pattern
The United States Steel Corporation stock price currently trades at $31.04 and consolidating near the swing high. The option chain data shows that the sellers are in complete domination at the upper levels. It indicates that the price might need to struggle to continue with the ongoing momentum. If the breaks above $32.52 the price might surge to the next supply zone.
The price has already gained more than 50% in the last 2 quarters. Hence, the stock may be expensive for the investors. The Analysts advise to wait for the stock to consolidate or take a pullback before making any aggressive entry. The price Analysis states that the breakdown of the $29.83 may trigger a fall in the stock and the price may slide down to fill the gap created.
The Technical Indicators Show Volatility Over The Daily Chart
On the daily timeframe, it may be observed that the price is trading above the 50 and 200 EMAs, indicating bullishness on the charts. The overall Technical Opinion rating including RSI and MACD is signaling a 70% buy with an average short-term outlook on maintaining the current direction.
Conclusion
United States Steel Corporation, is a steel company that reported balanced quarterly results on 27th July. The stock price gapped up 25% on 11th August and reached $32, a six-month high. The price is consolidating near the previous swing high, where sellers may enter the market. Analysts have a low estimate of $14.36 and a high estimate of $30 for the stock. The option chain data shows that the sellers are dominating the upper levels. The stock may be overvalued after gaining 50% in two quarters. Analysts advise to wait for a pullback before buying.
Technical Levels
- Support levels: $27.81 and $26.33.
- Resistance levels: $32.52 and $33.94.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
