Approaching Support- AK Steel

Published on Tuesday, 07 February 2012 08:52 Written by TradersHuddle Wire

New York, February 7th (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) ended close to calculated support at $8.76 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

AK Steel's current stock range is defined by current calculated support defined at $8.76 and by the resistance level at $10.33, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of AK Steel Holding Corporation. However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to AK Steel's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $10.33 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of AK Steel Holding Corporation closed at $8.93 in the previous trading session.

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