Shares of U.S. Steel (NYSE:X) fell sharply on Friday after releasing poor earnings and guidance. As the outlook on steel tariffs begins to fade, investors and the company are starting to question their lofty projections. At one point on Friday, U.S. Steel was down $14 to $32.50 – a far cry from the $47.60 per share it hit March 2018 on tariff hopes. With Friday's drop, U.S. Steel broke major support, which spells further downside. The first big support on the stock is not until $28.70. Once there, big players will begin to accumulate for a swing trade bounce back to $32.
