Steel Stocks Are Trending Lower

United States Steel Corp (X) is starting to get cheap again. Shares of US Steel closed below $60 for the first time in a month. AK Steel (AKS) has dropped almost 14% since hitting $25 on April 6th. $25 appears to be the resistance level as shares have continually failed to take out this level. Mittal Steel (MT) and Nucor (NUE) have held up better than other steel stocks but are still trending downward. Shares of Nucor were down only 2% today. Mittal declined 3.87% These price dips may represent an opportunity for investors that are bullish on the steel sector. If the economic recovery is for real, these stocks may have a lot more room to run as they are significantly below their highs of 2008.