Steel Stocks Refuse To Bend
This afternoon, all of the leading steel stocks are holding up very well. The strength in the steel sector is partly coming from a weaker U.S. Dollar Index. All traders should remember that anything that contains a metal will benefit from a weak dollar. Leading steel stocks such as U.S. Steel Corp (NYSE:X), Nucor Corp (NYSE:NUE), AK Steel Holdings Corp (NYSE:AKS), and Steel Dynamics Inc (NASDAQ:STLD) remain strong on the daily charts. These stocks look as if they could have a little more upside in the near term.
It is important for traders to realize that U.S. Steel Corp (NYSE:X) is the leading stock in this industry group. This stock should have important daily chart resistance around the $30.00 level. Short term traders can watch for intra-day resistance around the $28.90, and $29.30 levels.