Steel Could Continue To Melt
This morning, most of the leading steel stocks are trading slightly lower on the session. The important steel sector has been declining since March 19, 2012. The sector still looks as if it can have further downside in the near term before any meaningful bounce can take place. The leading steel stock that most traders follow is U.S. Steel Corp (NYSE:X). Today, the stock is trading lower by 0.41 cents to $28.42 a share. This stock will have some daily chart support around the $27.50, and $26.00 levels. Short term traders can watch for intra-day support around the $28.00, and $27.50 levels.
Some leading steel stocks that are coming under selling pressure today include Nucor Corp (NYSE:NUE), Steel Dynamics Inc (NYSE:STLD), and AK steel Holdings Corp (NYSE:AKS). All of these stocks could have further downside in the near term according to pattern on the daily charts at this time.