Watch These U.S. Steel Stock Price Levels as Trump Plans to Double Steel Tariffs

Timothy Smith

Sun, Jun 1, 2025, 8:23 PM 3 min read

U.S. Steel shares will be in the spotlight to start the week after President Donald Trump on Friday said he plans to double steel and aluminum tariffs to 50%.
The stock staged a decisive breakout above a symmetrical triangle last month, with strong follow-through buying driving the relative strength index into overbought territory.
A measured move price target, which calculates the distance of the trend in points that preceded the symmetrical triangle and adds that amount to the pattern's breakout area, forecasts an upside target of $59.75.
Investors should monitor key support levels on U.S. Steel's chart around $46, $43 and $36.

U.S. Steel (X) shares will be in the spotlight to start the week after President Donald Trump on Friday said he plans to double steel and aluminum tariffs to 50%.

Addressing a rally at the one of the steel producer’s processing plants in Pennsylvania, the president said the move would help protect American steelworkers and “further secure the steel industry.” Proponents of steel tariffs argue they boost the domestic steel sector and reduce reliance on foreign-made steel, while critics say they raise costs of local manufacturers and reduce innovation within the industry.

Friday’s announcement came after Trump recently gave the green light to a "partnership" between U.S. Steel and Nippon Steel. A $14.1 billion merger between the two steelmakers was originally blocked by the Biden administration in early January due to national security concerns.

U.S. Steel shares have gained 33% over the past two weeks and trade nearly 60% higher since the start of the year as of Friday’s close.

Below, we break down the technicals on U.S. Steel’s chart and identify key price levels that investors will likely be watching.

Symmetrical Triangle Breakout

Shortly after the 50-day moving average (MA) crossed above the 200-day MA to form a bullish golden cross on the chart in late March, U.S. Steel shares consolidated within a symmetrical triangle, indicating a pause in the stock’s uptrend that began in late December.

More recently, the price staged a decisive breakout last month, with strong follow-through buying driving the relative strength index into overbought territory. It’s also worth pointing out the rally has occurred on above-average trading volume, signaling conviction behind the jump.

Let’s apply technical analysis to identify an upside price target amid the potential for further buying and also locate support levels worth monitoring during future retracements.