AcornWealthCorp
Panjang

X- Speculative Call option trade as it forming a Flag formation

NYSE:X   UNITED STATES STEEL CORPORATION
X seems forming a possible Flag formation , clearly seen in weekly chart. It also shows a small downward channel . At the breakout it can go up to 55 area, and to catch the gain we would consider $33 March Calls.

Trade Criteria
Date first found- January 25, 2017
Entry Target Criteria- Speculative entry point at current price, confirmation at the Break of channel ($36.67)
Exit Target Criteria- First target $45, Second target $55
Option- $33 March-17 Calls, currently $3.10/3.15
Stop Loss Criteria- N/A

(Note: Trade update is delayed here.)

Komen: January 26th- Reversed from lower channel line & went up 4.3% today, Still we are waiting for the breakout.
January 25th- Traded down & tested lower channel line, waiting for Channel breakout.
Komen: February 1st- In reaction to earnings price it started the day slightly higher, but Rejected from MA 50 & declined to lower channel line, not looking very good as long any more. Keeping in watch list for few more days.
February 2nd- Bounced back from lower channel line & went up huge 11.24% today with huge volume. Seems the positive earnings acting now. Yet to hit our entry criteria but looking very bullish.
February 8th- Showing strength but not close to opening price yet. Would consider $33 March look good if it breaks resistance at $36.00
February 9th- Went up huge 8.25% today & hit entry price. Looking very good as long. $33 Mar-17 Calls last traded for $5.20, that is 65% higher from our discussed entry.
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