Bears Appeared - AK Steel

Published on Wednesday, 01 February 2012 04:41 Written by Christian Paolinetti

New York, February 1st (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) ended the trading session lower by $0.19 or -1.97% from its previous close. AK Steel's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

AK Steel Holding Corporation (NYSE:AKS), through its subsidiaries, produces flat-rolled carbon, stainless, and electrical steels, and tubular products primarily in the United States and internationally. The Company produces coated, cold rolled, and hot rolled carbon steel for the automotive, appliance, construction, and manufacturing markets. AK Steel also cold rolls and aluminum coats stainless steel for automotive industry customers. Key Statistics

AK Steel's current stock range is defined by calculated support defined at $8.76 and by the resistance level at $10.33, which should be used by traders planning their trades.

Traders wanting to establish a position in AK Steel stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current AK Steel shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: