This morning, many of the leading steel stocks are declining lower at the start of the trading day. United States Steel Corp (X) is considered to be the leading stock in the sector. Today, X stock is trading lower by 60 cents to $25.11 a share. The daily chart for X stock has a lot of near term resistance around the $26.50 level. Short term traders can watch for intra-day support around the $25.00, and $24.58 levels.
Some other leading steel stocks that are also coming under selling pressure include Nucor Corporation (NUE), Steel Dynamics Inc (STLD), Schnitzer Steel Industries Inc (SCHN), and AK Steel Holding Corporation (AKS). When trading the steel stocks, traders should also follow the action in the U.S. Dollar Index.
Most of the leading steel stocks will generally trade inverse to the U.S. Dollar. Today, the U.S. Dollar Index is trading higher by 0.14 cents.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.