the market does not rebound into positive territory. Many wise investors realize it's only steel after all, something you don't really need much of unless you subscribe to the theory of massive global recovery, a la 2007!!! No way.
I smell -5% today!
A 5% drop today is unlikely, however a 5% pull back by Friday is entirely likely. X becomes a buy again under $60.
It only takes a small market correction to see this belly up.
Maybe it will bounce there, but it would then be a bounce that doesn't make it up to recent highs and it would drop again after the bounce, IMHO.