12/13/99 USX- US Steel Group (X)
Points to watch: US
Steel has quietly enjoyed a sharp rally over the past month and looks
ready to move high.
Daily MACD
gave a buy signal on December 1st and the stock crossed above its 200 day
moving average the next day for the first time since mid-September. The
stock closed Friday at resistance at 29.5: the 62% retracement of
its May-October decline. This level also acted as resistance in July
and August. Additional resistance exists at 30.25.
Long
and short term technical indicators are positive and support a move
higher. Weekly OBV, RSI, and stochastics are all rising. Daily
OBV turned up sharply in mid-November, and daily stochastics is rising.
A
buy signal would be given on a break above the resistance at 30.25, with
the next upside targets after a break coming at 34.25, the May 6th high,
and then at 36.6. Support is at 27.7-28.2, and 27.
