$X - WATCHLIST -
Added 2024-09-03 09:47:54 +0000 UTCUS Steel is hurting in the PM now after remarks made by Harris this weekend:
** Democratic presidential candidate Kamala Harris said on Monday that U.S. Steel should remain in domestic hands
** "U.S. Steel being acquired by Japan's Nippon Steel <5401.T>
** Last week, Nippon Steel announced plans to make an additional investment of about $1.3 billion in U.S. Steel's two mills as part of its pending acquisition of the company
** Nippon Steel expects the acquisition deal to close in H2 of 2024
I have added in the support levels and I like how the 0.5 Fib level aligns with the yellow support line, which has been a channel that has been in place since 2010 and only broke out in 2023 after Nippon Steel decided to acquire US steel.
Japan are buying X because they know that an infrastructure boom is needed soon as countries need to update their roads, bridges and networks and Japan are getting ahead of this.....so it is not a surprise to see Harris make this statement.....but that does not deny the fact that X is going to be a high in demand company very soon, so regardless of whether it is bought by Japan or stays in the US, there is a clear demand for this company
So a hold above $33 would be very attractive to me for long term.
