Classic Pattern Forms On The Chart Of US Steel Stock

A classic pattern has formed on the chart of United States Steel Corporation X. It has bearish implications and suggests the stock may be forming a new downtrend.

A triple top occurs when a stock hits resistance at the same level on three different occasions that occur over an extended period of time. In May and June, US Steel shares reached the $28.75 level. Each time they ran into resistance and a sell-off followed.

Now shares appear to have failed to break through this resistance for a third time. This means there’s a good chance a new downtrend is forming.

See Also: What Does United States Steel's Debt Look Like?