Bullish Structure For US Steel (X)

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By Mike Paulenoff | Published 07/5/2011 | Stocks | Unrated

Bullish Structure For US Steel (X)

Since mid-session Friday, U.S. Steel (X) has been consolidating above its May-June breakout plateau at 46.30/40, which serves (so far) as a high-level digestion period atop its June 20 upleg from 40.66.

The pattern carved out since late June exhibits bullish structure, which "warns" me to expect additional strength that should propel X towards 48.10/50 next.

Only a decline that breaks 45.50 will compromise my constructive near-term outlook.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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