One of the largest US-based steel producers, US Steel (X.US) shares are down almost 8% today, because Trump reaffirmed plans of stopping acquisition of the company by the Japanese steel giant, Nippon Steel. As we can see on the chart, the price slipped below major support of the EMA200 (red line), falling slightly below $39 zone. Now very important support zone may be at $36 (previous price reactions) as well as level between $30 an $33, market by Fibo and August 2024 lows.
Source: xStation5
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appThe material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
