Allegheny Close to the 50 Day

Published on Thursday, 29 July 2010 07:12 Written by Christopher Lynn

New York, July 29th (TradersHuddle.com) - Shares of Allegheny Technologies Inc. (NYSE:ATI) closed the trading day at $52.04 close to its 50 day moving average currently set at $49.6186. Allegheny's price action is just above this important support level translating into a trading opportunity.

Allegheny Technologies, Inc. (NYSE:ATI) manufactures and sells specialty metals worldwide. The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $44.06 and calculated resistance at $49.27. 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 Allegheny 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.