Molycorp (MCP) & United States Steel Corp (X) - Weekly Stocks Pick June 4-8, 2012

During last week of trading, there were many stocks that continued to break out to the upside. Watch Resistance & support levels Below are a list of stocks that I am watching June 4-8, 2012.You can also check previous stocks to buy reports - Right here & Previous Weekly Stocks Pick Gainers- Right here

Molycorp Inc. (MCP)-  Molycorp (MCP) was down last week.New support located at $19.11 and resistance area is $23.Share of  Molcorp (MCP) trade under $30 November which is good for 1/2 long my position for 2012, I am long for 2nd  half go long for low $23s. I am long some $19 in coming days. I believe that stock could see $50 stock next 12 months. But I am still trading for short term weekly trade because I  want to make some weekly gain in my account.This is my one of the Top Pick for 2012.

6/4-6/8 Weekly MCP resistance, pivot & support

Resistance R3 23.22, R2 22.25, R1 21.05
Pivot Point 20.08
Support  S1 18.88, S2 17.91, S3 16.71

Technical Analysis Stock Charts: Charts Below

60m chart
Daily chart

United States Steel Corp (X)-Share of United States Steel Corp X is trading near $18-$27 last few weeks.Share of United State Steel trading low 20s  last part of the year 2011 which area I am long side now. X is a strong buy below $20 for the long term.United States Steel Corp will now have support at $14 which is a long term support level.United State Steel is a strong buy below $20 any market correction in coming days.But stock will stay this range long time but low risk stock.I am looking for next 12 months $40-$50 price target.But I am still trading for short term weekly trade because I  want to make some weekly gain in my account This is my one of the Top Pick for 2012.

6/4-6/8 Weekly X resistance, pivot & support

Resistance R3 24.95, R2 23.78, R1 21.54
Pivot Point 20.37
Support  S1 18.13, S2 16.96, S3 14.72

Technical Analysis Stock Charts: Charts Below

60m chart
Daily chart


Weekly Stocks Pick Rule: When ever I buy or short stocks if that stocks go up short term quick 5-10% gain, I took profit and buy back in low price again. When ever I buy stock always have stop price. Always protect my original capital.

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