AK Steel Approaching its 50 Day

Published on Friday, 10 February 2012 06:32 Written by TradersHuddle Wire

New York, February 10th (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) closed the trading session at $8.61 near its 50 day moving average currently set at $8.67. AK Steel's price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 50 day.

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

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $8.76 and calculated resistance at $10.33. These levels will be closely watched by traders, as they provide great insight into the latest price dynamics defined by AK Steel shares.

Traders should evaluate their trade if they want to establish a position on AK Steel given the resistance expected as the stock approaches the 50 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price level reference points.