Trading Opportunity Using Fibonacci Analysis

United States Steel is signaling a buy opportunity.

The stock has formed an ABC correction where the "A" leg is equal to the "C" leg.  Also, today was a reversal bar to the upside with the stock closing up for the day, closing greater than the open and greater than yesterday's close. Plus, today's low is slightly lower than yesterday's low.

What  more could you ask for?

For tomorrow, if the stock trades above today's high of $48.83, that's the signal to go long.  A protective sell stop would go below today's low of $47.02.

Let's take a look at some more "Fibonacci evidence".

Note that the recent downswing from the February 28th high took the same amount of time as the most recent upswing from the January 12th low.

The recent price reversal occurred near the 50% retracement of the larger time frame rally.

This chart is a little busy to say the least.  I have added the 50 and 200 day moving averages to this chart to show that the stock is in an uptrend.

And just for good measure, here's the weekly chart showing the stock in an uptrend since two years ago.

Trade well.

Recommended

Robert Miner's Dynamic Trading - a manual that covers the practical applications of price, time, and pattern to trading decisions. If you are serious about applying the concepts of market symmetry, this is the book for you. Dynamic Trading makes use of the teachings of W.D. Gann, the Elliott Wave theory, and the Fibonacci series. This is a complete package - over 500 pages fully detailing a trading plan with trade setups, money management, and real life results.

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