U.S. Steel breaks out following results, levels to watch The company reported much stronger than expected results after market close Tuesday, and the shares have broken out and are trading up over 14.5% to $31.73. At that price the shares are above the $30 area which has been the top of a trading range for nearly two years. A range breakout typically persists in the direction of the breakout for an extended period of time. Resistance is at the new 52-week high at $32.32 and then at $33.24.
U.S. Steel downgraded to Neutral from Buy at Nomura Nomura believes U.S dollar strength and cost curve deflation driven by lower raw material prices and freight rates will continue to alter the global steel landscape. The firm expects continued export pressure by Russia and China into the global market to be highly disruptive, and when combined with further U.S. dollar strength, to pressure the U.S. steel sector. As a result, Nomura downgraded U.S. Steel (X) to Neutral and lowered its price target to $21 from $37.