Watch These U.S. Steel Price Levels After Trump Flags Steel and Aluminum Tariffs | Global News Avenue

American Steel (x) President Trump marked new stocks on Monday tariff In the import of all steel and aluminum into the United States, investors evaluated what it means to the country’s second largest steel producer.

These stocks have recently risen by more than 3% to about $38. During last year’s campaign, Trump vowed to protect and revitalize the U.S. steel industry. Supporters of the metal tariffs believe they protect domestic employment and national security, while critics point to their increased steel costs and retaliatory responsibilities from other countries.

News of proposed tariffs came nearly 6% after President Trump said Japan’s Japanese steel would invest in companies rather than direct ownership. Before leaving the office in early January, Then-President Joe Biden blocked Nippon’s $14.9 billion bidciting national security issues.

Below, we carefully studied the charts of US steel and used Technical Analysis Determine the price level worth paying attention to.

Focus reduction channel

US steel stocks are on the verge of orderly Descending Channel Since December 2023, since then, prices have marked the up and down trend lines of the pattern.

Stock attempts volume– Breakthrough above the pattern in Friday’s trade fair, followed by a dramatic intraday reversal to form Bearish swallowing patternpoint out the signal of lower prices.

However, the price rose. 50-day moving average,and Relative Strength Index (RSI) Staying above the 50 threshold indicates a slight bullish bias.

Let’s take a closer look Support and resist Levels on U.S. steel charts may attract attention information– Related volatility.

Key support levels to watch

The first to watch sits around the support area psychology $30 area. Stocks may encounter purchase interest in the region near the trend line, which will merge In August and September 2023, the famous September and December slots.

Sales below this level of stocks could make the stock below the bottom trend line on the down channel and revisit the lower support for about $26. Investors may look for accumulation Shares in the area near July 2023 Swivel high A few weeks ago stocks formed Break through the gap.

Key resistance level monitoring

Once moved, investors should initially monitor the stock’s response to the $43 level. This position is just above the top trendline of the descending channel and can provide resistance in three different places peak This was formed on the chart between April and November last year.

Finally, a decisive approach beyond this level could lead to a transfer to around $49. Investors who buy stocks at lower prices may look for Exit point Within the upper range of the narrow consolidation period, it is located below the 2023 height of the stock.

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As of the date of writing this article, the author does not own any of the above securities.