United States Steel Corporation [NYSE: X] is closing the week as a top performer in the stock market. The market has been mostly bearish this week with stocks navigating a sea of red rough waters. The gains mostly supported by the quarterly report are steadily fizzling out as investors settle in for the second quarter of year.
[NYSE:X] closed the trading on Thursday 9 at $15.8 after a 2.6% rise. The stock had a relative change of +0.40 and NLS volume of 10,713,742. The previous market had closed at $15.4 showing that X stock was in a bullish mode as the week’s trading grinds to a halt. On Thursday, the price zoomed to highs of $15.89 although the stock touched lows around $15.07. In spite of the fundamentals staying intact most the week, United States Steel Corporation is still trading below the 52-week high at $39.23. However, the stock is currently above the 52-week low at $14.16.
Recently StockWatch247 highlighted insider buying at the United States Steel Corporation as an indicator of a bright future. At the time, X was trading at $16.45 and had corrected lower 2.55%. The fundamentals of the stock have remained positive ever since and we can see the rebound Nick Shan, StockWatch247 journalist was referring to.
Meanwhile, the company’s ex-dividend trading is finally here. It had been scheduled for May 10, 2019. Moreover, investors are looking forward to a cash dividend payment that is expected on June 10, 2019. All the shareholders who bought X before the ex-dividend data will qualify for the cash dividend. It is essential to note that this is the 24th ex-dividend payment by the United States Steel Corporation which is likely to yield 1.3% as per the current stock price of $15.4. According to Nasdaq.com News:
“The previous trading day’s last sale of X was $15.4, representing a -60.74% decrease from the 52 week high of $39.23 and a 8.76% increase over the 52 week low of $14.16.”
Unites States Steel Corporation forms part of the Basic Industries sector that is made up of firms like ArcelorMittal (MT) and Nucor Corporation ( NUE ). Most investors view X as a financially health company owing to the recent earning per share of $6.46. According to a report by Zacks Investment Research, X predicted earnings this year is -67.27% in comparison to -24.3%, the average in the industry.
X Technical Picture
The 4-hour chart shows X trading lower highs and lower lows within a descending channel. The up trending market that started in January 2019 turned bearish towards the end of February paving the way for bear dominance. There was a break under the ascending trend line as well as both the 200 SMA and the 100 SMA. X has explored lows close to $14.00 but recently reversed the trend upwards. However, the price upside is still limited by the falling channel. X must clear the resistance at $16.00 in order to come out the bear range. Besides trading above the channel resistance will increase investor confidence in the stock. Meanwhile, X is likely to close the week below $18.00 and defend support at $14.00 in case of a reversal.