After a disaster of the magnitude that the Japanese people are experiencing there will be a lot of goods needed to rebuild the country. This morning the steel sector is trading higher on the back of that anticipation for steel and steel products.
U.S. Steel Corp. (NYSE:X) is trading higher this morning by $1.57 to $55.58 a share. Short term traders can watch for near term intra-day resistance around the $55.75 and $56.25 levels. Should the stock rally past or through these intra-day resistance levels the next important resistance point would be around the $57.00 area.
AK Steel Holdings Corp. (NYSE:AKS) is another leading steel stock that is trading higher this morning. This stock is higher by 0.36 cents to $15.97 a share. Short term traders can watch for resistance around the $16.10 and $16.40 levels. Both areas could see small intra-day pullbacks.