Keep an eye on rebounding steel stocks, like US Steel (X).
After finding strong support at $22, the X stock is just beginning to pivot higher. From a current price of $25.26, we’d like to see it challenge prior resistance around $30 again, near-term.
Helping, “Steel prices have also witnessed an unprecedented surge on the back of an upturn in demand across key markets, tight supply conditions and low steel inventory throughout the supply chain,” as noted by Entrepreneur.
And, according to US Steel President and CEO David Burritt, as quoted in a company press release, “2022 should be another great year for U. S. Steel with robust free cash flow, continued ample liquidity to fund strategic investments, and additional opportunities to enhance our capital allocation priorities. U. S. Steel’s future is bright, and I can confidently say our best days are ahead.”
US Steel weakness may be another great opportunity.