AK Steel Near the 50 Day

Published on Thursday, 29 July 2010 04:48 Written by Danny Miller

New York, July 29th (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) closed the trading day at $14.49 close to its 50 day moving average currently set at $13.7662. AK Steel's price action is just above this important support level translating into a trading opportunity.

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

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $13.26 and calculated resistance at $15.55. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on AK Steel will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.