U.S. Steel breaks out above resistance, new bullish pattern active

theflyonthewall.com

The shares are up over 6.3%, breaking out above resistance. Strength today has been attributed to takeover rumors that are unconfirmed. On a technical basis, there is a new bullish price pattern, a bullish symmetrical triangle, that is now active and best visible on a weekly chart. If this pattern remains active and completes, upside could be to the $29 to $30 area over time. This is an area of some resistance from earlier this year. Support is at $23.55.

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