U.S. Steel (X) broke decisively higher Wednesday, and as long as it doesn't reverse course and close back under $14.40, I'd expect buyers to remain active in the name. One could certainly argue the stock doesn't completely reverse course until it closes below $12. One might also defend a bullish posture based on the now-rising 50-day simple moving average (SMA). I, however, would simply suggest short-term traders ditch the stock if it fails to hold above approximately $14.40.
The daily moves in Freeport-McMoRan (FCX) have become a day trader's delight. If you're trading this stock on the long side, try to maintain your bullish bias as long as the stock's closing above the eight-day exponential moving average (EMA). While the stock could obviously reverse at any point, I'd peg the next meaningful resistance level at roughly $12.60, or roughly 24% higher than Wednesday's close.
Amazon (AMZN) traded poorly Wednesday afternoon, but it's still well above its breakdown point. Given the number of times the 200-day simple moving average (SMA) has either supported a dip, or thwarted a price advance, I'll continue to use that reference marker as my pivot point. Assuming the stock doesn't push above $585, we'll watch for a close under $553 to signal more meaningful weakness ahead. Everything between those two levels is chop.
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