X, United States Steel and NUE, Nucor Corp.

x jul 2012NUe jul 2012

Two steel stocks, the oldest and newest. (Take care not to confuse X with TMX in Toronto!) Both peaked at the same time in 2008 and are now both declining. The retracements are shallow and we are getting lower highs. X seems to be well on its way down another leg whereas NUE is triangulating, a congestion pattern that is usually resolved in the same direction as it was entered, that is down