Technical Analysis: United States Steel Corp.

United States Steel Corp. Daily 6 Months

Analysis shown on this stock two months ago indicated an incredible run in a short span of time but signs of an imminent slowdown in momentum perking up with a decrease in volumes whilst price levels continued to rise as well as shakiness in a measure of trendiness.

We've witnessed a consolidation phase occur since the start of December till present with a fairly steady shift in price finding shallow support not far from the previous highs.

Observing the behaviour of the price line with the 13 day moving average, the moment price began stumbling below and reclaiming the space above on a frequent basis the consolidation set in. Since then we've seen the 13 SMA follow the price closely.

Any positive shift above the 13 SMA could trigger bullishness for traders looking to capture the next swing higher.

 The $32 horizontal support line looks sturdy enough to hold buyers for a little while longer with a degree of comfort in knowing this.

Decreasing volumes coupled with a slow grinding downtrend could suggest the sellers are running out of steam to drive prices lower.