Long Position on X @ $25.50 on 8/24/2022 (Momentum)

U.S. Steel Corporation (X) produces and sells flat-rolled and tubular steel products primarily in North America and Europe. Stockwinners

It operates through four segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular).

The Flat-Rolled segment offers slabs, strip mill plates, sheets, and tin mill products, as well as iron ore and coke. This segment serves customers in the service center, conversion, transportation, automotive, construction, container, appliance, and electrical markets.

The Mini Mill segment provides hot-rolled, cold-rolled, and coated sheets and electrical products. This segment serves customers in the automotive, appliance, construction, container, transportation, and service center markets.

The USSE segment provides slabs, strip mill plates, sheets, tin mill products, and spiral welded pipes. This segment serves customers in the construction, container, appliance and electrical, service center, conversion, oil, gas, and petrochemical markets.

The Tubular segment offers seamless and electric resistance welded steel casing and tubing products, as well as standard and line pipe and mechanical tubing products primarily to customers in the oil, gas, and petrochemical markets.

On July 28th, the company reported 2nd Quarter June 2022 earnings of $3.86 per share on revenue of $6.3 billion. The consensus earnings estimate was $3.87 per share on revenue of $5.8 billion. Revenue grew 25.2% on a year-over-year basis. Shares have formed a bullish "cup and handle" and are movng out of this formation. 

 

Entry Point: $25.50

Stop Loss: $24.00

Trading Range: $16.41 to $39.24

Target Price: $28.00

Position closed on 9/2/2022 at price of $24.00 with a -5.88% loss in 9 days.

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