United States Steel Corporation (X stock) shows a negative outlook and is struggling near the lower trendline of the symmetrical triangle pattern on the charts. Moreover, the price action favors the bears who persisted in the short buildup, protected the region decisively, and did not permit buyers to sustain above that range.
The chart shows that sellers looked strong and attained momentum. On the other hand, buyers were struggling to rescue the gains and trying to claim neutrality, but faced multiple barriers ahead, resulting in rejection. The lower lows sequences are noted on the charts, and the price respected the upper trendline and reacted as a resistance in the past sessions.
Moreover, X stock has a trajectory of $25, which must be surpassed to exceed the bullish momentum to retain the immediate swing of $30. Furthermore, the price is close to the support of $20, a strong region for a rebound; sellers tried for a throwback toward it. X stock price showed a gap-down move and fell below the key moving averages.
United States Steel Corp. engages in the manufacturing and sale of steel products. It operates through the following business segments: Flat-Rolled Products, Mini Mill, U.S. Steel Europe, and Tubular Products. The Flat-Rolled Products segment includes managing steel plants and production facilities that manufacture steel slabs, rounds, strip mill plates, sheets, tin mill, iron ore, and coke.
The Mini Mill segment produces hot-rolled, cold-rolled, and coated sheets.
The U.S. Steel Europe segment produces, and markets strip mill plates, spiral welded pipe, heating radiators, and refractory ceramic materials.
At press time, X stock price is trading at $23.30 with an intraday drop of 4.15% showing bearishness on the charts. Moreover, the intraday trading volume was 8.345 Million, and the market cap is $5.202 Billion. However, analysts maintained a sell rating and suggested a volatile chart structure.
X Stock Price Action On Daily Charts
X stock price is trading in a downtrend for the past few months on the 1 day chart. Moreover, the price action suggests that the stock might retest the lower trendline losing the gains below the 20-day EMA, showing a negative outlook on the charts. The sellers are looking stronger and more dominant.
As per the Fib levels, X stock price is trading below 38.2% and heading to retest the 23.2% level showing rejection near $25. Moreover, the price breaks the lower bollinger band in the intraday session.
Short Term Charts Favor Sellers
X stock price slipped below the 20-day EMA, showing a death crossover with a gap down candlestick formed on the charts. The RSI curve is heading toward the oversold region, forming a negative divergence indicating strong momentum of sellers.
The MACD indicator showed a bearish crossover, the red bars on the histogram showing the breakdown, and a negative outlook on the charts.
Conclusion:
United States Steel Corporation (X stock) price shows bearishness and is losing the gains below the 20-day EMA suggesting intense selling pressure on the intraday charts. Moreover, the price will retest the lower trendline near $20, showing a negative outlook.
Technical Levels:
Support Levels: $20 and $17
Resistance Levels: $25 and $30
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/08/08/united-states-steel-corp-x-stock-gains-slide-below-25/