Steel Sector Slumps

The leading steel stocks have really struggled to catch a bid higher since mid-March 2012. Today, is really no exception for the important sector as most of the leading steel stocks continue to trade lower. U.S. Steel Corp (NYSE:X) is considered one of the leading stocks in the industry group. This leading stock is trading lower by 0.30 cents to $25.23 a share. Short term traders can watch for intra-day resistance around the $25.00, and $24.00 levels.

Some other leading steel stocks that are declining lower today include Nucor Corporation (NYSE:NUE), ArcelorMittal (ADR) (NYSE:MT), Steel Dynamics, Inc. (NASDAQ:STLD), and Schnitzer Steel Industries, Inc. (NASDAQ:SCHN). All traders should remember that the steel sector will usually trade inversely to the U.S. Dollar. Today, the U.S. Dollar Index is trading sharply higher and this is certainly putting pressure on the sector.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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