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.