Steel Stocks Boosted by Trump: United States Steel Corporation (X)
United States Steel Corporation (NYSE:X) shares are rising up and out of a three-month consolidation range and are pushing further away from their 50-day moving average. Watch for a closure of the post-earnings gap from late April ahead of a push to the 200-day moving average near $28 — which would be worth a near 30% gain for X from here.
The company will next report results on July 25 after the close. Analysts are looking for earnings of 49 cents per share on revenues of $3.2 billion. Cowen analysts note that X is has underperformed peers like Nucor Corporation (NYSE:NUE) in recent months on increased exposure to rolled steel and raw materials; but could be poised for a near-term opportunity now.