United States Steel Corporation (NYSE: X) is the second largest steel domestic producer behind Nucor Corporation (NYSE: NUE) and also the world’s 24th largest steel producer.

Last year, Steel price surged higher reaching new all time high of 4772 in December gaining +60% before a correction took place. The price is expected keep rising in the coming years as the demand for steel in critical industries keeps increasing.

The world global steel production growth rate increased by 5.3% which is one of the major factors helping the related companies to continue its growth.

During this month, the United States Steel Corporation stock X price surged 30% breaking above 2017 peak as the move accelerated after the U.S. Department of Commerce recommended metal import tariffs for the federal government.

The current Elliott Wave count for the stock is suggesting a double three structure taking place from January 2016 low and it’s also showing an incomplete 5 swing bullish sequence from May 2017 low. Both bullish cycles have a target around equal legs area $53 -$62 and as long as the stock remain above the recent February low $30.9 then it should continue it’s move to the upside.

X Daily Chart 2.27.2018

Last year, despite X loosing more than 50% during the correction lower , we expected the stock to remain supported and continue the rally similar to the one from 2016 low as the commodity sector has ended a multi-year correction from 2011 peak.

X Weekly Chart 24.6.2018

The current expected move higher in X will be supported by the fact that the Dow Jones Iron & Steel Index DJUSST is also sharing the same bullish sequence from 2016 low and both instrument should be rallying together during 2018 before reaching the target higher then ending that cycle. Consequently, investors and trader can still look for buying opportunities in any steel stock like X or NUE in 3 , 7 or 11 swings.

If you’re interested in getting more insights about the Steel Sector and other mining stocks then take this opportunity and try our services 14 days for Free to learn how to trade Stocks and ETFs using our blue boxes and the 3, 7 or 11 swings sequence. You will get access to our 78 instruments updated in 4 different time frames, Live Trading & Analysis Session done by our Expert Analysts every day, 24-hour chat room support and much more.

By Ayoub Ben Rejeb

https://elliottwave-forecast.com

ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup .

Copyright © 2018 ElliottWave-Forecast - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.