U.S. Steel Takes Another Beating

A downgrade from KeyBanc has sparked an ugly breakdown in shares of U.S. Steel (X): The stock was down another 2% in recent trading after the analyst cut its rating from Buy to Hold. The move takes the stock on another leg down after last week's flush, when shares lost more than 8% on very heavy trade after bearish tariff news. This week has opened with a drop below the January lows as another key support level gave way. The stock is now down just shy of 15% from last week's high, and it appears headed lower in the near term.

U.S. Steel (X) -- Daily Source: FreeStockCharts.com View Chart » View in New Window »

As 2014 began, the powerful rally off last summer's lows ended with a spike high. U.S. Steel has been struggling ever since, and multiple support levels have failed to hold. The powerful Dec. 19 breakout gap, which propelled the stock to new 52-week highs, was unable to offer even the slightest support. By late January shares had taken out the December lows after falling more than 22% from the Jan. 2 intraday high. The stock was finally able to mount a rebound after the first week of February, but U.S. Steel hit a wall at its now-declining 50-day moving average. The price was at a vulnerable level just as this most recent negative news hit....134 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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