Not Made Of Steel
This morning, all of the leading steel stocks are declining despite an early stock market bounce. United States Steel Corporation (NYSE:X) is considered the leading steel stock in the sector. X stock is declining lower by $1.14 to $27.08 a share. Short term traders can watch for intra-day support around the $26.95, and $26.50 levels. The daily chart support for X will be lower as the stock is trading below the important 50, and 200 moving averages.
Some of the leading steel stocks that are declining along with U.S. Steel include Nucor Corporation
(NYSE:NUE), Steel Dynamics, Inc. (NASDAQ:STLD), AK Steel Holding Corporation (NYSE:AKS), and Schnitzer Steel Industries, Inc. (NASDAQ:SCHN). All of these stocks will generally bounce intra-day when the U.S. Dollar Index declines.