Steel tries to vent off oversold saturation - Analysis - 14-08-2018

US Steel Corporation's stock gained ground in the last session amid attempts to vent off oversold saturation in the RSI and recoup some losses, but still amid the dominance of the downward correctional short-term wave, with negative pressure from the 50-day SMA, while the positive support of 29.66 held its ground, representing 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 the stock to return lower, 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.