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Did Wilbur Ross' Testimony End the Correction in X? X Needs to Cross 35.00 for Initial Signal Reversal


From a very big-picture perspective, let's notice that the 130% upmove in United States Steel Corp (X) since just Nov 2 (!) pierced the major 6-year resistance line at 34.40 (now in the vicinity of 33.90), then raced to a 2-year high at 39.14 on Dec 8, 2016.

For the past 5 weeks, X consolidated above the extension of the near 7-year resistance, but just in the past several sessions, has rolled over into a more pronounced correction that now positions X again beneath the 7-year resistance line (33.90), amid challenged intermediate-term Momentum Gauges that argue for additional corrective weakness into a projected support zone from 30.25 to 29.60.

This represents the next zone where I will be looking for renewed-buying interest and a technical upside-reversal signal that initiates another upleg that will challenge the 2014 high-zone at 43-46.

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