US Steel slips 7% as Trump reaffirms plans to block acquisition by Nippon Steel

3:57 PM 3 December 2024

One of the largest US-based steel producers, US Steel (X.US) shares are down almost 8% today, because Trump reaffirmed plans of stopping acquisition of the company by the Japanese steel giant, Nippon Steel. As we can see on the chart, the price slipped below major support of the EMA200 (red line), falling slightly below $39 zone. Now very important support zone may be at $36 (previous price reactions) as well as level between $30 an $33, market by Fibo and August 2024 lows.

Source: xStation5

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