BullBear Trading: Stock and Financial Market Technical Analysis

U.S Steel Triple Top On Watch: Explosive Move Finally Into Resistance

U.S. Steel has been a one way train on a one way track. Truly an amazing run over the last one month period, gaining 84%. Think about that, 84% gain in approximately 24 trading days. It is rare you see a billion Dollar company pull such a stunt. The reason for the gain can be chalked up to great market conditions, decent earnings but also a big short squeeze. U.S. Steel has been one of the most heavily shorted large cap stocks for quite some time, especially since the commodity market dipped hard on oils collapse.



One of the toughest things to do is sell short a company on a raging bull run like this. I understand. It is scary, emotion tugs at you, you think the risk is big. However, logic show that in reality the fundamentals have gotten too far ahead of this name, not to mention the technnical extension run. This past Friday, U.S. steel hit a major double top as well with heavy volume. If there was ever a time to pull a short trade off or buy puts, this is it. The heavy volume is showing institutional selling as well. I always like to take trades when I can read the volume signals and it says institutions are doing the same thing. I am looking to potentially initiate a position on the sell side of U.S. Steel come Monday morning.



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By Pro-Trader
Anthony Jackson

Views: 15

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