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X Extends Rally In Response to Improved China Eco Data


United States Steel Corp. (X) has gapped up in pre-opening trading to a new recovery high at 25.68, on its way to 26.40/50, and then to my optimal target zone of 26.80-27.10.

A sustained climb above 27.00 also will take out a 6-month down trendline in X, which only will happen if the economic back story -- improved US and China growth prospects -- continues to drive capital flows into the basic materials sector.

At this juncture, only a decline that breaks last Friday’s low at 24.85 will compromise the timing of upside continuation.

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