Trade of the Week for February 9, 2017
On Thursday, February 9th, we traded X (U.S. Steel), one of our favorite stocks that we trade and monitor daily in our trading room. The first thing we noticed was the flag pattern that developed on the daily chart (see chart). X broke out of the channel which made for a solid day trade and possibly an entry for swing traders. After the initial run of $1 per share at the open, X pulled back as we often see and held support at the important $35 whole number level. This trade was straightforward, had high volume, and made an impressive run from $34.50 up to $37.50.