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3 Steel Stocks That Are Rusting Out

Technical patterns look downright ugly in some areas

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Steel Stocks to Short: U.S. Steel (X)

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U.S. Steel (X), the giant that J.P. Morgan built more than 100 years ago, is rolling down out of a tilted head-and-shoulders reversal pattern that traces down to a price target near $20 a share — which would be worth a 17% loss from here. That would take X stock back to its September trading range.

I’ve recommended the April $24 puts to my Edge Pro clients, and am adding a short position in X stock to my Edge Letter Sample Portfolio.

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