If there are any TSC members affected by the recent weather disasters, please stay safe! I know there is a member in Texas and also in Florida. I hope they were able to avert any disasters on their homestead. Prayers be with you.
I heard the President of the United States rating was up due to his response and relief efforts for the natural disasters.
Let's turn now to the charts and see how the POTUS ratings fare on a group of stocks called "Trump trades".
For those not familiar with the term "Trump stocks" or "Trump trades", there was a group of stocks early in the rally after the presidential election results were announced in November 2016. US Steel (X) was one of the stocks in the "Trump trade" stock group. But after giving back most of the gains since its rally after the presidential election, some may be wondering if US Steel (X) is still a Trump trade.
To answer that question, I will review a sample of candlestick charts of varying lengths for this US Steel (X) chart analysis. Maybe his approval rating can be bumped up a little more if the charts look bullish....
US Steel (X) - Long-Term Trend Review
This first chart for US Steel (X) is a 5 year monthly candlestick chart. I always like to look at the longer-term trend for a stock before I go diving into the details of a weekly or daily candlestick chart.
The green supporting trendline underneath X's share price is one area where a scale-in purchase could be made to go long (this is a chart from yesterday's close because that's when I started this article).
On the above chart, I've illustrated what I think are Waves 1 and 2 in a large Bullish Impulse wave pattern. Wave 3 could be currently in process. Remember, according to the characteristics for Impulse wave patterns, Wave 3's tend to be the strongest and longest of the waves in the pattern.
Here are some of the items that support a Bullish Impulse wave pattern:
- X has seen some above average, heavy buying volume the last 3 months….
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I continue to review the bullish items on its longer-term chart as well as calculate some very bullish upside price targets.
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