Friday, January 08, 2010

Steel Stocks Surge



One group of stocks that is on fire at the moment are the steel stocks. For the past few weeks SLX (ETF for steel stocks) has really accelerated to the upside as can be seen in the above chart.

One of the leaders of this group of stocks is US Steel, symbol X. This stock has increased sharply since November and has put in a large range day today on huge volume.



If you look at the weekly chart of US Steel you'll notice that this stock is approaching major resistance at $74. It will be interesting to see how this stock handles the rapidly approaching resistance area.

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