Steel extends losses - Analysis - 10-08-2018

US Steel Corporation's stock kept falling in the short term, amid negative pressure from the 50-day SMA, recording a loss of 1.66% in the last session, or 0.51 points, and readying to breach the support of 29.66, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 18.55 to 47.64). 

Therefore we expect more losses for the stock, especially if the support of 29.66 was breached, targeting the next one at 25.42, which represents the ratio 76.4% of the same retracement levels.