Is AK Steel Waiting for a Break Out?

New York, July 5th (TradersHuddle.com) - AK Steel Holding Corporation (NYSE:AKS) ended the trading session at $6.05, near its 50 day moving average set at $6.23. AK Steel's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.

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 customers in the automotive industry.

The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $5.05 and resistance at $6.49. These levels will be closely monitored, as they provide great insight into the latest price dynamics.

If traders want to establish a position in AK Steel, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 16,987.51 ▼61.49 (-0.36%)
o S&P 500 1,985.54 ▼11.91 (-0.60%)
o NASDAQ 4,567.60 ▼24.21 (-0.53%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:16,987.51 Trade time:4:31PM EDT Value change:▼61.49 (-0.36%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,985.54 Trade time:4:31PM EDT Value change:▼11.91 (-0.60%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,567.60 Trade time:5:15PM EDT Value change:▼24.21 (-0.53%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.