Stock Movers: US Steel Surges .. Again, PDD Tumbles, Vertical Aerospace Soars
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Carol Massar and Tim Stenovec. On this episode of Stock Movers: -- US Steel (X) is coming off its surge on Friday after President Trump said the US would have control over the company as part of its partnership with Nippon Steel. US Steel is backing the president's move and reaffirming its commitment to the Nippon Partnership -- (PDD) Shares of Temu owner PDD Holdings Inc. plunged in US trading after its quarterly sales and profit missed estimates, underscoring how trade tensions between Beijing and Washington are taking a toll on its business. Revenue for the March quarter was 95.7 billion yuan ($13.3 billion), falling short of the average analyst estimate of 101.6 billion yuan. Net income totaled 14.7 billion yuan, while analysts had expected 25.7 billion yuan. PDD's US depositary receipts tumbled in New York on Tuesday after markets opened. --Vertical Aerospace (EVTL) shares rise as much as 6.9% after the aerospace and technology company says it has made 'European aviation history with the first-ever' piloted flight of a winged electric vertical take-off and landing (eVTOL) aircraft in open airspace.
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U.S. Steel shares will be in the spotlight to start the week after President Donald Trump on Friday said he plans to double steel and aluminum tariffs to 50%. The stock staged a decisive breakout above a symmetrical triangle last month, with strong follow-through buying driving the relative strength index into overbought territory. A measured move price target, which calculates the distance of the trend in points that preceded the symmetrical triangle and adds that amount to the pattern's breakout area, forecasts an upside target of $59.75. Investors should monitor key support levels on U.S. Steel's chart around $46, $43 and $36.U.S. Steel (X) shares will be in the spotlight to start the week after President Donald Trump on Friday said he plans to double steel and aluminum tariffs to 50%. Addressing a rally at the one of the steel producer's processing plants in Pennsylvania, the president said the move would help protect American steelworkers and 'further secure the steel industry.' Proponents of steel tariffs argue they boost the domestic steel sector and reduce reliance on foreign-made steel, while critics say they raise costs of local manufacturers and reduce innovation within the industry. Friday's announcement came after Trump recently gave the green light to a "partnership" between U.S. Steel and Nippon Steel. A $14.1 billion merger between the two steelmakers was originally blocked by the Biden administration in early January due to national security concerns. U.S. Steel shares have gained 33% over the past two weeks and trade nearly 60% higher since the start of the year as of Friday's close. Below, we break down the technicals on U.S. Steel's chart and identify key price levels that investors will likely be watching. Shortly after the 50-day moving average (MA) crossed above the 200-day MA to form a bullish golden cross on the chart in late March, U.S. Steel shares consolidated within a symmetrical triangle, indicating a pause in the stock's uptrend that began in late December. More recently, the price staged a decisive breakout last month, with strong follow-through buying driving the relative strength index into overbought territory. It's also worth pointing out the rally has occurred on above-average trading volume, signaling conviction behind the jump. Let's apply technical analysis to identify an upside price target amid the potential for further buying and also locate support levels worth monitoring during future retracements. To forecast a price target, investors can use the measured move technique, also know by chart watchers as the measuring principle. When applying the analysis to U.S. Steel's chart, we calculate the distance of the trend in points that preceded the symmetrical triangle and add that amount to the pattern's breakout area. For instance, we add $16 to $43.75, which projects an upside target of $59.75, around 11% above Friday's closing price. The first lower level to monitor sits around $46. Retracements to this key area would likely encounter support near the top of the symmetrical triangle, which also closely aligns with a trough that formed on the chart in February last year. A close below this level could see the shares test support near $43. This location may attract buying interest around the upward sloping 50-day MA and a series of peaks on the chart stretching back to April last year. Finally, a more significant drop in U.S. Steel shares could bring the $36 level into play. Investors may look to accumulate shares in this region near a horizontal line that connects multiple troughs that developed on the chart between December 2023 and March this year. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
